$BTC $BTC pairs refer to trading combinations formed by using Bitcoin (BTC) as a benchmark against other cryptocurrencies or fiat currencies, such as BTC/USDT, BTC/ETH, etc. The core function is to achieve value measurement and exchange between different assets, with the ratio of the base currency (BTC) to the quote currency (such as USDT) reflecting the real-time market price.

In the cryptocurrency market, BTC pairs dominate, accounting for over 60% of exchange trading volume. The main types include:

1. Fiat currency pairs (e.g., BTC/USD): Connecting to the traditional financial system, making it easier for new investors to enter;

2. Cryptocurrency pairs (e.g., BTC/ETH): Supporting cross-asset arbitrage and portfolio allocation;

3. Stablecoin pairs (e.g., BTC/USDT): Reducing volatility risk by pegging to the US dollar.

The liquidity, spreads, and trading depth of BTC pairs directly affect market efficiency. For example, the high liquidity of BTC/USDT makes it a preferred choice for hedging, while the volatility of BTC/ETH attracts trend traders. As of now (June 2025), influenced by expectations of interest rate cuts by the Federal Reserve and cryptocurrency policies of the Trump administration, BTC pairs generally exhibit high volatility characteristics, requiring a comprehensive assessment of risks based on on-chain data and macroeconomic indicators.