I don't disagree necessarily, but it's a very useful if somewhat flawed proxy I think? Any changes to the book are going to get arbed away pretty quickly, so a

I don't disagree necessarily, but it's a very useful if somewhat flawed proxy I think? Any changes to the book are going to get arbed away pretty quickly, so a market sell is almost never a good idea with volume. We've seen those and the price jumps back almost immediately because BTC trades on many exchanges and currency pairs. If you wanted to measure the current book, I think you'd have to sum up the various fiat books across exchanges to get a good sense of what the market can bear at the moment. edit: Thank you for forcing me to clarify my thinking, I shouldn't have directly linked volume to liquidity but absent good data I tend to associate them.