Prepare self-custody
Create or import a browser wallet, back up the wallet bundle offline and verify the receiving address before selecting any counterparty.
Open wallet → ← v0.33 home
Market access / layered liquidity
Buy BTX with the whole market in view.
BTX does not begin with one issuer-controlled float. Supply starts with miners, moves through negotiated and wholesale inventory, and becomes public or institutional liquidity through competing participants.
01 / Access routes
Choose a route by role and size.
Every route trades off immediacy, price transparency, block size, custody and counterparty risk. Begin with operational control of a receiving wallet, then choose the smallest route that matches the intended transaction.
Public-market access
Use only a venue whose BTX market, deposits and withdrawals you have independently verified as live. Compare executable depth—not only the last displayed price.
Review network data →Miner / OTC supply
For recurring or negotiated lots, establish identity, provenance, escrow, confirmation count, fees and exact settlement timing before funds move.
Use the checklist →Wholesale / institutional
Larger buyers should require documented custody, counterparty controls, inventory source, legal review, post-trade reporting and operational test transfers.
Review institutional path →02 / Market structure
Seven layers connect compute to capital.
Asset packets rise from independent production toward larger inventory and broader access. Demand and capital move downward. Spreads between adjacent layers compensate different work and recruit different kinds of liquidity.
- L6 Strategic end demand
- L5 Institutional access
- L4 Public price discovery
- L3 Wholesale inventory
- L2 Miner liquidity
- L1 Protocol issuance
- L0 Physical substrate
Strategic end demand
Rotation, reserves, sovereign AI and treasury demand
Institutional access
Custody, funds, indices, lending and derivatives
Public price discovery
CEX, DEX, OTC and transparent reference markets
Wholesale inventory
Aggregators, block buyers and competing dealer books
Miner liquidity
Direct OTC and rapid settlement near production economics
Protocol issuance
Open proof-of-work production, not a corporate unlock
Physical substrate
GPUs, Apple Silicon, CPUs, power and operator skill
03 / Price formation
One asset. Several legitimate price objects.
Confusing a reference value with an executable market is one of the fastest ways to misprice risk. Identify which price object you are looking at, its timestamp and the size that can actually clear.
- P1
Production economics
Power, equipment, uptime and opportunity cost set a miner’s internal floor, not a universal market price.
- P2
Direct miner / OTC quote
Speed, lot size, settlement certainty, provenance and relationship affect the negotiated price.
- P3
Wholesale inventory
Dealer capital, custody, timing and counterparty risk are reflected in the spread for larger blocks.
- P4
Public executable market
Actual bids, asks and depth show what can be transacted now at a given size.
- P5
Model / reference
btxprice publishes a transparent analytical benchmark. It is neither an order book quote nor a redemption value.
04 / Rotation arithmetic
The reference category is real. The flows are not promised.
Bitcoin’s circulating capitalization is a measurable denominator for scenario analysis. The table below translates small category shares into capital and per-unit arithmetic only; it is not a forecast, price target or claim that capital will rotate.
Bitcoin category snapshot$1.3T
BTX current supply used3,220,740
Snapshot time2026-07-16
| Bitcoin category share | Capital represented | Per current BTX | Per 21M maximum |
|---|---|---|---|
| 0.1% | $1.3B | $402 | $62 |
| 1% | $12.96B | $4,022 | $617 |
| 5% | $64.78B | $20,112 | $3,085 |
| 10% | $129.55B | $40,224 | $6,169 |
Pure arithmetic using the build-time btxprice BTC price/supply and BTX circulating supply. It does not account for market impact, issuance changes, liquidity, taxes or regulatory restrictions.
05 / Participant playbooks
Liquidity is a set of jobs.
A durable market does not require every participant to share the same horizon. Each role is paid for a different combination of production, speed, size, custody, information and risk.
| Participant | Economic role | Immediate execution |
|---|---|---|
| Miners | Produce supply and retain hardware optionality. | Operate, benchmark, report capacity and build recurring buyer relationships. |
| OTC venues | Provide the first fast-liquidity layer. | Standardize quotes, escrow, fees, provenance and settlement windows. |
| Wholesalers | Turn fragmented lots into institution-size inventory. | Finance inventory, compete on spreads and provide documented block settlement. |
| Traders | Connect dislocated price layers. | Arbitrage production, OTC, public venues and analytical reference values. |
| Asset managers | Create a PQ hedge or substitute-reserve sleeve. | Build custody, indices, funds, allocation models and risk reporting. |
| Exchanges | Add public price discovery and global access. | Integrate P2MR deposits/withdrawals, surveillance and credible market depth. |
| Corporations | Pair a long-duration reserve with private compute. | Define treasury policy and deploy local models on compatible infrastructure. |
| Public institutions | Combine knowledge sovereignty with resilient settlement. | Fund regional nodes, model mirrors, emergency drills and transparent reserve policy. |
06 / Build-out sequence
Populate the stack from the bottom up.
BTX’s market architecture is a program of execution. Each phase creates the operational input for the next while multiple independent participants can build in parallel.
Production liquidity
Standard terms, escrow, settlement windows and transparent reference discounts.
Wholesale market
Competing aggregators, inventory finance, dealer reporting and block settlement.
Public discovery
Credible pairs, consolidated quotes, trade reporting and depth analytics.
Custody & compliance
Wallet standards, tax lots, proof of control, surveillance and incident procedures.
Financing & products
Lending, collateral studies, indices, funds and derivatives—when independently available.
Compute activation
Dual-mode clients, signed model bundles, regional mirrors and federated routing.
07 / Before you transact
A minimum diligence checklist.
Post-quantum transfer does not eliminate ordinary market, custody or counterparty risk. Use this checklist as a starting point and apply professional advice appropriate to your jurisdiction and transaction.
Asset
Verify the BTX network, receiving P2MR address, current published release, release checksums and authorized signing-key fingerprint.
Wallet
Back up the wallet bundle securely; test restore and a small receiving transaction first.
Venue
Confirm deposits and withdrawals are enabled; review jurisdiction, custody and operational history.
Price
Separate executable quote, last trade, OTC indication and model/reference value.
Depth
Measure slippage at your intended size and identify whether liquidity depends on one dealer.
Settlement
Document confirmation count, fees, escrow, timing, failure handling and refund conditions.
Counterparty
Perform legal, sanctions, identity and source-of-funds review appropriate to the transaction.
Custody
Define key control, access recovery, transaction approval and incident response before acquisition.
Liquidity
Thin or concentrated markets can create material slippage and delayed exits.
Custody
Loss, exposure or corruption of wallet material can permanently affect control.
Counterparty
OTC and venue settlement can fail even when the base protocol functions correctly.
Model risk
Reference models depend on assumptions and can diverge substantially from executable prices.
Control first. Then access.
Prepare a wallet. Verify the market. Start small.
The strongest BTX market is one built by many independent producers, buyers, dealers and venues—not one dependent on a single gate.