Bitcoin’s USD spot market recorded an adjusted 3.65% increase of 3.65% over the last 24 hours, trading activity was dominated by Coinbase, and price movements unfolded at lockstep at major US dollar venues.
Sessions analyzed by EncryptionAugust 11th, 09:40 CEST gives a clear look at where USD liquidity is and how it shapes market flow.
Coinbase, Kraken, Bitstamp and Binance saw a total of $981.93 million on a 24-hour US dollar volume.
These four exchanges are at the heart of Bitcoin’s USD spot market. Binance is the world’s largest exchange in terms of total crypto volume, but most of its transactions are USDT and other Stablecoin pairs, with Coinbase, Kraken and Bitstamp directly handling the majority of the US dollar volume.
It offers a complete picture of price formation and liquidity for the market dollar-denominated segment, including Binance’s BTCUSD pair alongside three USD heavy venues.
Coinbase handled most of this for $544.47 million. This is more than half of the total. Kraken continued at $207.7 million and Bitstamp at $174.86 million, while Binance dragged at $54.90 million. This imbalance means that the centre of gravity of US dollar price discovery hangs firmly on Coinbase.
Most large transactions in this market either go directly through Coinbase or lock in pricing. Kraken and Bitstamp add meaningful quadratic depths, but Binance’s USD pair plays a minor role compared to the much larger USDT market.
The four prices moved together and showed a strong, consistent upward push. Coinbase ended its period at $121,782.48, up 3.53%. Kraken increased by $121,762.00, a 3.49% increase, while BitStamp increased by $121,763.00, a 3.50% increase, a 121,598.17, a 4.10% increase.
The average price across the venue rose from $117,435.57 to $121,726.41. The daily range was broad but orderly: Binance LED was $5,388.18 (4.62%), BitStamp and Coinbase both cost around $4,679 (3.98%), and Kraken’s range was 4,571.70 (3.89%).
The rally of the day was a hit at 04:00 CEST, when all four venues recorded profits for the maximum five-minute session. The price at that moment was divided by just $113.62 from top to bottom.
The synchronized nature of the spikes indicates that a wide range of catalysts had an impact on prices.
Even in clean uptrends, differences between venues are important. The median spread between the highest and lowest quotation marks for the sample was $678.40, with the 95th percentile at $917.04. The median deviation from the average price for Binance was 42 basis points, much greater than Kraken’s 11.6 bps or Bitstamp and Coinbase’s ~14 bps.
The gap is more than just the quirks of data. It affects execution costs. Traders who route all venues without a price filter are at risk of paying hundreds of dollars per bitcoin more than they need to, if they hit the wrong side of the broader market.
These fluidity patterns have a knock-on effect. With so many USD flows running through Coinbase, that order book naturally acts as a reference point. Price movements tend to affect estimates at other venues, particularly those relying on aggregated feed.
Kraken and BitStamp will bolster the core USD price with a more stringent alignment with Coinbase. The wider deviation of the USD pair Binance means it moves into its own rhythm. This could link to internal order flows or ripples from the larger USDT market.
The volatility achieved over a 24-hour period was an average of 1.66% across the venue. Coinbase was the highest at 1.71%, followed by BitStamp at 1.70%, Binance at 1.66%, and Kraken at 1.58%. Volatility numbers fit the price range. Rather than being confused, it is a stable upward movement. The environment benefits traders who are seeking bulk orders over time, but differences in venue-by-site pricing remain an important factor in minimizing costs.
The entire sample was $116,749.76 per day, with a high of $122,308.00, framing the battlefield of the session. The bottom-to-up rise is stable and broad, with a movement that tends to strengthen the spot and derivatives markets against each other.
The sudden lack of retreat suggests that the purchase was sustained enough to absorb profits along the way.
Looking at this distribution, the state of the USD Bitcoin market is clear. One dominant venue helps set the pace and the other helps pin the price. This means that the quality of execution depends on knowing where the actual liquidity is and which books are closest to the core of the market.
Such a run features relatively strict clustering between a 24-hour clean rallies and large-scale exchanges, indicating an efficient price discovery.
If these patterns apply, Coinbase’s role as a USD price hub will not soon be challenged. Kraken and BitStamp are still important for pricing diversification and redundancy.
Post Coinbase held a large portion of the US dollar trading volume as it first appeared on Cryptoslate as BTC was spiked to $122,000.
