High Liquidity Fuels Bitcoin's Record Surge to $80,000
Bitcoin's recent surge to $80,000 has been met with skepticism, but data from major exchanges shows that high liquidity accompanied the price rally. The average market depth across spot exchanges stood at roughly $9.6 million on August 18, when the rally began from around $64,000.
This figure is in line with previous highs in January and October, and remained stable throughout the rally, even dipping slightly to $8.7 million by August 25 when Bitcoin reached $80,000. The same trend was observed for other cryptocurrencies like Ether and Solana.
Experts say that this high liquidity indicates genuine demand behind the price increase, rather than a few large orders moving prices around. In fact, August is typically one of the thinnest months for liquidity across both crypto and traditional finance, making the steady depth even more noteworthy.