A less closely watched Bitcoin market indicator is adding credibility to the cryptocurrency’s recent climb toward $80,000, suggesting the rally was supported by substantial demand rather than isolated large trades.

Bitcoin advanced almost 25% last week, pushing above $80,000 and posting its strongest weekly gain in more than three years. Heavy ETF inflows and the U.S. Treasury’s decision to increase its bond buybacks were among the catalysts behind the move.

However, order-book depth, which measures the amount of buy and sell liquidity available around the current price, offers another way to assess the strength of the rally. It shows whether large trades can be absorbed without causing significant price fluctuations.

Strong liquidity during a price increase generally indicates that considerable capital is participating in the move. If prices rise while liquidity is unusually thin, a handful of large orders can have a disproportionate effect, making the rally more vulnerable.

Data from major exchanges tracked by CoinDesk Research indicates that Bitcoin’s recent advance took place under relatively healthy liquidity conditions.

When the rally began on Aug. 18, with BTC trading near $64,000, average 0.5% market depth across major spot exchanges stood at approximately $9.6 million. The figure measures the combined value of orders within 0.5% of Bitcoin’s market price.

The reading was close to the roughly $9 million record observed on Jan. 1, when Bitcoin was around $88,000. It was also higher than the approximately $8 million recorded in October while BTC was trading above $120,000.

By Aug. 25, as Bitcoin reached $80,000, 0.5% market depth had slipped to about $8.7 million. Even so, the change remained within normal market variation. Depth at the 1% and 2% levels showed a similar trend.

CoinDesk Research found that top-of-book liquidity stayed largely consistent throughout the rally. Although liquidity was marginally lower on Aug. 25, there was no significant thinning of orders within 0.5% of the midpoint.

That supports the argument that Bitcoin’s roughly 24% advance was driven by real demand being absorbed by the market instead of a sharp move caused by an unusually thin order book.

The result is particularly significant because August is typically one of the weaker months for market liquidity. Trading activity often slows as financial desks in the Northern Hemisphere reduce exposure during the summer vacation period.

Bitcoin’s ability to maintain relatively strong depth during such a large rally suggests that the market was absorbing sizable orders without developing major liquidity gaps.

Ether and Solana showed similar conditions, with their respective 0.5% market depth readings on Aug. 25 also above October levels.

Liquidity may improve further as traders return from summer holidays. Greater market depth could provide a more stable environment for larger trades, particularly if macroeconomic pressures continue encouraging investors to shift capital toward scarce assets such as Bitcoin and gold.