Bitcoin’s climb past $110k to within 2% of ATH tightens spread between USD and USDT pairs
2025/07/03 04:15Bitcoin broke above $110,000 on July 3, capping a multi-day rally that perfectly illustrated the difference in how it trades across fiat and stablecoin markets. On Binance, the largest exchange by trading volume, BTCUSD held a consistent but narrow premium over BTCUSD in the days leading up to the move, averaging $36.33, or around 0.034%.
While the gap is small, its persistence over the previous weeks shows subtle demand preferences and liquidity flows that are often overlooked when analyzing the entire market.
Between June 29 and July 3 (09:55 UTC), data from TradingView covering 5-minute candles on both pairs showed that BTCUSD traded higher than its USDT equivalent 97.7% of the time. The spread peaked at 0.103% on June 30 during the European morning and inverted briefly just a handful of times. Most negative prints clustered around 21:00 UTC, which could indicate lower fiat inflows or higher stablecoin usage in late US trading.
The spread narrowed sharply during this morning’s breakout. As Bitcoin surged past $110,000 around 09:40 UTC, the premium compressed to just 0.013%. This suggests liquidity rapidly shifted toward the BTC-USDT book, or arbitrageurs moved quickly to close the gap as order books thinned. This is in line with historical breakout patterns, where volatility forces alignment between trading pairs to avoid slippage.
Intraday patterns further confirm the role regional flows have in shaping trading. BTCUSD consistently outpaced USDT between 08:00 and 14:00 UTC, core European trading hours. This points to a modest tilt toward fiat-based execution from desks operating in jurisdictions where US dollar rails are preferred or more accessible.
While a 0.03% spread might seem trivial, it accumulates across billions in notional volume. On a day with $10 billion traded, the gross opportunity from such a spread amounts to $3 million. The data shows that even as the market moves with near-mechanical efficiency, there are still slivers of information in how fiat and stablecoin pairs diverge, especially during high-velocity moments like today’s breakout above $110,000.
The post Bitcoin’s climb past $110k to within 2% of ATH tightens spread between USD and USDT pairs appeared first on CryptoSlate.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Triple Pressure from the Federal Reserve, Treasury, and Congress; Goldman Sachs: Liquidity Crisis May Occur in 2027
Goldman Sachs warns that the reserve ratio of bank assets has dropped to around 11%, only slightly above the crisis trough of 2019. In the second half of 2027, a deadlock in debt ceiling negotiations will force the Treasury to rebuild the TGA, triggering a "perfect storm" of a sharp drop in reserves and a surge in T-bill supply; combined with stalled money market fund buying, this will create a huge liquidity black hole. The Federal Reserve could be forced into the awkward position of lowering interest rates and launching large-scale bond purchases to rescue the market.
U.S. Stock IPO Preview | From Losses to Net Profit of 5.46 Million: The "Three-Dimensional" Platform Business Strategy with a Taste for Golf
Crossing the break-even line, the growth inflection point has arrived.
Core CPI Exceeds Expectations Again, Fed Hawks Loud! 2027 FOMC Voting Member Directly Calls Inflation Hot
Austan Goolsbee, President of the Chicago Federal Reserve, stated that officials must address the issue of high inflation, and described the October consumer price report as worrisome.
Crypto prices
More
