The Bitcoin Credit Stack
rates are percent a year, continuously compounded · figures as of 2026-10-13 · read 2026-10-13 14:43 UTC
Indicators › Liquidation › Liquidation price over realised price

Liquidation price over realised price

liq-over-realised

Q8. Where the book liquidates as a multiple of the realised price, for the market and the pool and minted classes. Rests on CoinGecko prices for coins created before 2020-07-13: free, attributed use only (licence on every value). Descriptive, not an index.

Latest reading
0.8585
2026-10-12 · derived · from 46 of 128 venues
Unitsratio
Computed at2026-10-12
Historyserved

Licence note
Rests on CoinGecko prices for coins created before 2020-07-13 (coingecko_share on each value): for free, attributed use only, never resold or redistributed in bulk.

Powered by CoinGecko

Methodology descriptive · CX1 Q8

What it measures. The book's liquidation price, as the credit tree states it for the market and the pool and minted classes, over the realised price: the price at which the average coin last moved.

Read with care. The liquidation price is in the loan's dollar (stablecoin face); the realised price in USD. A coverage step in the book moves the ratio without the market moving.

Licence. Realised value prices each coin at the day it last moved; for coins created before 2020-07-13 that price comes from CoinGecko. The series is for free, attributed use only, and is never resold or redistributed in bulk.

Sample. One credit cycle, from 2022-09-19, so it is observational. A descriptive series: not an index, not a forecast and not a signal. Every published version is kept and can be read as known on any date (as_known_on).

History

Liquidation price over realised price, the secured market

Where the book liquidates, as a multiple of the price at which the average coin last moved. From 2022-09-19, one credit cycle; weekly (Mondays) plus the latest day.

2026-10-12Secured market 0.8585 46 of 128 venues · 1.3% of this value rests on CoinGecko prices
00.511.5ratio2023202420252026
Secured market

Mondays are drawn here; every day is in the explorer. Open in the explorer →

Powered by CoinGecko

What this cannot be read as

The book's liquidation price as the credit tree states it (the priced books of 46 of 128 venues taken as one position — an aggregate, not a forecast), in the loan's dollar (stablecoin face), over the realised price: USD from CoinGecko for coins created before 2020-07-13 and the on-chain basket dollar since; the two dollars differ by basis points. Rests on CoinGecko prices (attrs.coingecko_share): free, attributed surfaces only. A coverage step in the book moves the ratio without the market moving. Observational: one credit cycle, from 2022-09-19.

https://www.bitcoincreditstack.com/indicators/liq-over-realised

Full payload

Every field as the API serves it
idliq-over-realised
nameLiquidation price over realised price
measureCX-Q8
questionWhere does the book liquidate, as a multiple of the price the average coin last moved at?
headlinecx.market.secured.liq_price_over_realised_price
sourceDerived in the vintage store: credit_tree ÷ chain_series
series
3 entries
[
  {
    "series_id": "cx.market.secured.liq_price_over_realised_price",
    "date": "2026-10-12",
    "value": 0.858543696180553,
    "unit": "ratio",
    "kind": "derived",
    "licence": "free_attributed_only",
    "coverage": {
      "in": 46,
      "of": 128,
      "markets": {
        "in": 27,
        "of": 27,
        "weight_in_usd": 2494757534.990882,
        "weight_of_usd": 2494757534.990882
      }
    },
    "coingecko_share": 0.013027,
    "limitation": "The book's liquidation price as the credit tree states it (the priced books of 46 of 128 venues taken as one position — an aggregate, not a forecast), in the loan's dollar (stablecoin face), over the realised price: USD from CoinGecko for coins created before 2020-07-13 and the on-chain basket dollar since; the two dollars differ by basis points. Rests on CoinGecko prices (attrs.coingecko_share): free, attributed surfaces only. A coverage step in the book moves the ratio without the market moving. Observational: one credit cycle, from 2022-09-19.",
    "vintage_id": "cx@2026-10-13T08:15:00.530Z"
  },
  {
    "series_id": "cx.class.algorithmic.liq_price_over_realised_price",
    "date": "2026-10-12",
    "value": 0.859358891506444,
    "unit": "ratio",
    "kind": "derived",
    "licence": "free_attributed_only",
    "coverage": {
      "in": 45,
      "of": 98,
      "markets": {
        "in": 27,
        "of": 27,
        "weight_in_usd": 2494757534.990882,
        "weight_of_usd": 2494757534.990882
      }
    },
    "coingecko_share": 0.013027,
    "limitation": "The book's liquidation price as the credit tree states it (the priced books of 45 of 98 venues taken as one position — an aggregate, not a forecast), in the loan's dollar (stablecoin face), over the realised price: USD from CoinGecko for coins created before 2020-07-13 and the on-chain basket dollar since; the two dollars differ by basis points. Rests on CoinGecko prices (attrs.coingecko_share): free, attributed surfaces only. A coverage step in the book moves the ratio without the market moving. Observational: one credit cycle, from 2022-09-19.",
    "vintage_id": "cx@2026-10-13T08:15:00.530Z"
  },
  {
    "series_id": "cx.class.minted.liq_price_over_realised_price",
    "date": "2026-10-12",
    "value": 0.760727660892294,
    "unit": "ratio",
    "kind": "derived",
    "licence": "free_attributed_only",
    "coverage": {
      "in": 1,
      "of": 5
    },
    "coingecko_share": 0.013027,
    "limitation": "The book's liquidation price as the credit tree states it (the priced books of 1 of 5 venues taken as one position — an aggregate, not a forecast), in the loan's dollar (stablecoin face), over the realised price: USD from CoinGecko for coins created before 2020-07-13 and the on-chain basket dollar since; the two dollars differ by basis points. Rests on CoinGecko prices (attrs.coingecko_share): free, attributed surfaces only. A coverage step in the book moves the ratio without the market moving. Observational: one credit cycle, from 2022-09-19.",
    "vintage_id": "cx@2026-10-13T08:15:00.530Z"
  }
]
methodology
urlhttps://www.bitcoincreditstack.com/indicators/liq-over-realised
noteChanges to how a measure is derived are recorded in the runbook and every published version is kept (as_known_on).
licencefree_attributed_only
licence_noteRests on CoinGecko prices for coins created before 2020-07-13 (coingecko_share on each value): for free, attributed use only, never resold or redistributed in bulk.
sampleOne credit cycle, from 2022-09-19: observational. Descriptive, not a forecast or a signal, and not an index.
attribution
1 entries
[
  {
    "provider": "CoinGecko",
    "text": "Powered by CoinGecko",
    "url": "https://www.coingecko.com",
    "covers": "BTC/USD price, and market capitalisation / dominance figures built on CoinGecko data"
  }
]

Where this comes from

REST
GET https://api.bitcoincreditstack.com/v1/market/measure/liq-over-realised
MCP
get_indicator({ id: "liq-over-realised" })
get_indicator({ id: "liq-over-realised", include_history: true })
get_series({ ids: ["cx.market.secured.liq_price_over_realised_price", "cx.class.algorithmic.liq_price_over_realised_price", "cx.class.minted.liq_price_over_realised_price"] })

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