Overlooked Bitcoin Signal Bolsters August’s Run Toward $80,000

A relatively under-the-radar Bitcoin market metric is supporting the case that the cryptocurrency’s move toward $80,000 was backed by genuine buying interest rather than a few oversized trades.

Bitcoin climbed almost 25% last week, breaking above $80,000 and recording its strongest weekly performance in more than three years. Strong ETF demand and the U.S. Treasury’s announcement of increased bond buybacks were among the factors behind the rally.

Another important measure, however, is order-book depth, which tracks the value of buy and sell orders positioned close to Bitcoin’s current market price. It helps determine whether the market can absorb large trades without significant price disruption.

When prices rise alongside strong market depth, it generally indicates that substantial capital is supporting the move. A rally occurring in a thin market can be less convincing because a relatively small number of large orders may be enough to push prices sharply higher.

Data from major exchanges monitored by CoinDesk Research suggests Bitcoin’s latest rally developed while liquidity remained relatively robust.

On Aug. 18, when Bitcoin began rising from approximately $64,000, average 0.5% market depth across major spot exchanges was around $9.6 million. The figure represents the combined value of buy and sell orders located within 0.5% of the prevailing price.

That level was close to the roughly $9 million record seen Jan. 1, when Bitcoin traded around $88,000. It was also above the approximately $8 million recorded in October, when BTC was reaching record levels above $120,000.

By Aug. 25, when Bitcoin touched $80,000, 0.5% market depth had eased to roughly $8.7 million. Even with that decline, liquidity remained within normal fluctuations. The same general trend was visible across 1% and 2% depth measurements.

CoinDesk Research said liquidity at the top of the order book remained broadly stable during the rally. Although depth was slightly lower on Aug. 25, the change was within normal variation and did not indicate meaningful thinning around the midpoint.

That suggests Bitcoin’s roughly 24% rise toward $80,000 was more consistent with sustained demand being absorbed by the market than with a temporary price spike caused by exceptionally low liquidity.

The finding is especially notable because August is typically a quieter period for liquidity across crypto and traditional markets. Trading activity often declines as Northern Hemisphere financial desks reduce activity during the summer holiday season.

Despite those conditions, Bitcoin maintained relatively healthy market depth throughout its large advance. This indicates the market was capable of absorbing significant orders without creating major liquidity gaps.

Ether and Solana displayed a similar pattern, with their 0.5% market-depth readings on Aug. 25 also higher than their October levels.

Liquidity could strengthen further as traders return from summer breaks. If market depth improves, trading conditions may remain favorable for larger positions, particularly if investors continue rotating toward scarce assets such as Bitcoin and gold amid persistent fiscal and monetary pressures in developed economies.