Binance’s Bitcoin Liquidity Sees Surge Ahead of Bullish Price Action

According to Tokensight: Amid the anticipation surrounding a proposed spot Bitcoin ETF, Bitcoin's price spiked early this morning Beijing time, surging from $31,000 to a peak of $35,000. Aligning with this bullish price action, a significant increase in liquidity was observed in the BTC/USDT trading pair on Binance.According to data depicted by TokenInsight, the number of buy and sell orders for the BTC/USDT pair soared on Binance, surpassing $100 million within an hour on two separate occasions. Between 23:00 on October 23 and 0:00 on October 24, Beijing time, the total value of buy and sell orders for this trading pair exceeded $114 million, marking a substantial 5.5-fold hike from the $17.7 million registered only two hours previous. Once again, two hours later, the total value of buy and sell orders for Bitcoin on Binance surpassed the $100 million threshold.This boost in order book depth can be primarily attributed to an influx of sizeable buy orders, with Bitcoin buy orders on Binance exceeding $92 million in both highlighted time periods. Notably, this sharp rise in liquidity was not mirrored on other major exchanges during Bitcoin's price ascension.Currently, Binance dominates with the two highest market share Bitcoin trading pairs, BTC/USDT and BTC/FDUSD. Over the last 24 hours, these pairs recorded a trading volume exceeding $7.1 billion, with respective market shares of 16.6% and 11.87%. This underlines Binance's predominant role in Bitcoin trading during periods of heightened market activity.