Oct. 21 Snapshot Ranks LEO No. 18 as CoinUp.io Shows $14,232 in LEO/USDT Bids Within 2%

LEO Token (LEO) carried an $8.31 billion market value in an Oct. 21 snapshot, but nearby bids on two listed trading pairs were far smaller, limiting what its rank says about liquidity.

At 3:19 p.m. ET (1919 UTC), LEO ranked No. 18 at a displayed price of $9.04, with 920 million tokens in circulation. The same capture showed $180,120.07 in rolling 24-hour volume. The rank belongs to that moment: another capture two minutes earlier placed LEO at No. 17.

Market capitalization values circulating tokens using the displayed price. It does not represent cash waiting to purchase those tokens. Nor does a rank by market value show how many bids sit near the price on a particular trading pair. For a seller, those bids matter because an order can reach lower price levels as nearby bids are filled.

What the Nearby Bids Show

On CoinUp.io, Tether (USDT) was the quote asset for the LEO/USDT pair. Its displayed −2% depth was $14,232.18: the bids within 2% below the price, on the side relevant to a seller. The +2% side displayed $14,207.94 in offers to buyers. The two figures describe opposite sides of that pair’s order book.

Bitfinex’s LEO/USD pair displayed $6,008.24 in −2% depth and $4,042.43 in +2% depth. The $6,008.24 figure is the nearby bid depth for a seller using that pair. CoinUp.io and Bitfinex have separate order books, so their displayed bids should not be treated as one pool available through either venue.

Depth within 2% is also narrower than total demand for a token. It shows orders in a defined price range, rather than the proceeds from a sale of any size. A market order can use bids at successively lower prices; a limit order can specify a minimum price but may remain unfilled. Displayed orders can change as traders place, fill or cancel them.

Why Turnover Does Not Resolve the Gap

The pair listings showed much larger amounts of past trading. CoinUp.io’s LEO/USDT row displayed $1,606,822 in reported 24-hour turnover, and Bitfinex’s LEO/USD row displayed $165,489. Those amounts measure trades over a period. They do not show how much was bid near the price when the page was captured.

The CoinUp.io pair figure alone exceeded the $180,120.07 asset-wide rolling volume shown in the same capture. The displayed figures do not reconcile, and the reason for the difference is not established by the available figures. The pair rows were labeled “Recently” updated but had no precise matching timestamps. Adding their turnover or treating it as a synchronized counterpart to the asset-wide total would give the comparison more precision than it has.

The distinction matters even without resolving that discrepancy. Rolling volume looks back across 24 hours; order-book depth describes displayed orders near a price at a particular moment. Neither the $8.31 billion market cap nor a pair’s reported turnover establishes the amount a holder could receive by placing an order on that pair.

Historical Repurchases Are Separate From Trading Depth

LEO’s 2019 offering terms described monthly market repurchases tied to at least 27% of iFinex’s prior-month consolidated gross revenue, excluding Ethfinex and its sub-products. A separate provision called for repurchases and burns using at least 80% of net funds recovered from the Bitfinex hack, after specified deductions, within 18 months of recovery.

Those are historical terms: the offering paper cautioned that its information had changed. The terms described purchases at prevailing market rates, not bids reserved on CoinUp.io, Bitfinex or any other particular pair. They therefore do not establish how much seller-side depth was available in the Oct. 21 capture.

The snapshot’s most direct measures of nearby demand were the displayed bids: $14,232.18 on CoinUp.io’s LEO/USDT pair and $6,008.24 on Bitfinex’s LEO/USD pair, each within 2% of the price. Those figures can change before an order reaches the book. LEO’s No. 18 rank offers no equivalent measure of what an order would fill for at that time.