Coinbase's Oct. 19 spot order book carried $1.9011 million more in Bitcoin (BTC) sell interest than buy interest, a measure of posted liquidity rather than completed trading.
The result differed from an Oct. 17 Coinbase spot-book reading, when bids exceeded asks by $1.67 million. Two Oct. 18 readings also varied: one showed a $1.32 million bid-side lead, while a separate snapshot showed an $8.63 million sell-side lead.
At a quoted Bitcoin price of $82,546, the Oct. 19 Coinbase book listed $24.7714 million in offers and $22.8703 million in bids. Those figures describe the displayed dollar value of orders, not the number of individual orders.
Sell-side imbalances also appeared in Binance's spot book and the perpetual futures books at OKX and Hyperliquid. Each reading concerns a separate venue and market.
Order books capture available liquidity at a single moment, not transactions that have occurred. A thinner book can make prices more sensitive to a large trade, but these snapshots do not show such a trade.
