Bitcoin collateral market hits $16B, could match BTC market cap
Bitcoin (BTC)
Editor:
Eugene Serbin
digitaltoday.co.kr reports that the digital credit market using Bitcoin as collateral has surged to approximately $16 billion. Dan Hillery of UXTO shared this figure on the programme The Allocators Edge, noting the sector effectively did not exist two years ago. He forecasts that if credit products continue to expand, the market could eventually rival Bitcoin’s $1.5 trillion market capitalisation.
Hillery highlighted floating-rate preferred securities like STRC and SATA as key examples of this growth. These products utilise share buybacks and capital market activities to maintain prices near par value. He emphasised that digital credit differs from digital equities in how losses occur and risk is transferred.
Despite this growth, major institutional funds have not yet fully accessed the market due to structural and liquidity barriers. A structured credit fund currently being prepared by UXTO aims to address these expansion opportunities. The fund utilises senior and junior tranches to manage leverage and volatility risk. As interest shifts from spot trading to collateral-based credit, participants are focusing on liquidity and redemption terms.
How the market reacted
Whalio's own Binance spot order flow for BTC, measured when this story was written up on 18 September 2026. Not the outlet's figures.
BTC is trading at $76,417.01 with a 1-hour buy ratio of 49.6% and a 4-hour buy ratio of 48.2%. These short-term readings are below the 53.5% buy ratio seen over the last 24 hours, indicating that immediate buying pressure is fading. The 1-hour volume delta is negative at -$600,906, while the 4-hour delta is -$10,306,038, showing that sellers are currently outweighing buyers in the near term. However, the 24-hour volume delta remains positive at +$58,210,916, with cumulative buying volume reaching $172,235,941. This suggests that while short-term momentum has cooled, net buying has dominated the broader daily session. Spot volume for the period was $836,425,871 across more than two million trades.
The latest daily buy ratio of 46.7% sits at the 18th percentile of the last 322 days, against a median of 49.2% - weaker buying than most days.
Was that an ordinary day?
The same Binance spot measurements for BTC, averaged over the days leading up to the story.
Over the preceding week, the average buy ratio was 50.0%, making today’s 24-hour ratio of 53.5% an unusual day with 3.4 points more buying than the weekly average. However, spot volume was only 0.74 times the weekly average, indicating lower participation than usual. The 8-day volume delta was negative at -$7,150,392, contrasting with the positive 24-hour delta. Price changed by -0.2% over eight days, showing relative stability despite the volume drop. This day stands out for higher buying intensity but lower overall volume compared to the weekly norm.