Yes, orders are being placed and cancelled all the time, but it mostly happens around bid / ask (and you're correct - this activity is generated by arbitrage bo

Yes, orders are being placed and cancelled all the time, but it mostly happens around bid / ask (and you're correct - this activity is generated by arbitrage bots). The metric is useful for comparison - since the arbitrage bots work on all altcoins, their activity is included in the metric for all altcoins.