Bitcoin is trading close to $85,852 as displayed liquidity differs across five major spot and perpetual markets. Binance shows a spot-market bid advantage of about $3.25 million, while Coinbase has more asks than bids. A Coinbase order-book snapshot also shows a $5.83 million buy order at $86,165, below the $86,488 midpoint, with nearby sell orders exceeding buys by about $4.51 million.