Core

Is this a trend, or a two-day event you arrived late to?

Volume looks huge. How do I know if that liquidity will still be there next week?

The idea

Turnover totals hide their own shape. A month with $100M of volume spread evenly is a different market from one where $60M landed in three days. The second is event liquidity: it arrived for a reason and it leaves when the reason does. Measuring concentration takes one line and tells you whether the depth you are counting on to exit is structural or borrowed.

The formula

sort the window's days by quote volume, descending
concentration = turnover of the 3 busiest days / total turnover
above ~30% means you are looking at an event, not a trend

Worked example — GIGGLE vs BTC

Measured on Binance spot daily candles at 2026-08-01 17:08 UTC. Re-run the formula on current data and you should reproduce the method, not necessarily these figures.

GIGGLE, top 3 days	64.5% of the month
BTC, top 3 days	14.0% of the month
GIGGLE 30d turnover	$153.8M
Reading	event liquidity

GIGGLE daily turnover — the three busiest days highlighted ($M)

GIGGLE did 64.5% of a month's business in three days; BTC did 14.0%. Same metric, two different kinds of market — and only one of them will still have depth when the story cools.

Common mistake

Sizing a position against average daily volume when most of that average came from three days you were not part of.

Do it yourself

Export daily candles for any pair, apply the formula above, and compare your number to the one on this page. If they disagree, one of us is wrong and it is worth finding out which.