Coinbase Bitcoin Spot Book Shows $8.62 Million Sell-Side Surplus

Coinbase’s Bitcoin (BTC) spot order book had the largest displayed depth in a Wednesday, Nov. 11, snapshot, with sell orders outweighing buy orders by $8.62 million as Bitcoin traded at $73,916.

The book showed $30.26 million in sell orders and $21.64 million in buy orders. The figures represent the value displayed on each side of the order book at the time of the snapshot.

Binance’s spot market and perpetual markets on OKX and Hyperliquid also had more displayed sell orders than buy orders. Their sell-side totals were each smaller than Coinbase’s spot total.

A sudden large trade can have a more noticeable effect on price in a thinner order book. The Nov. 11 reading is separate from an earlier Coinbase spot order-book snapshot, which showed a $14.65 million sell-side gap on Oct. 24.