Depth changes the meaning of price
A token price can move on thin water and tell you very little. Deep liquidity makes a market harder to shove around, lowers slippage, and gives large holders a better exit path.
The Bathymark view
Bathymark starts with reported depth, then asks whether independent demand, cash, and leverage evidence confirms the change. Price may explain the weather, but the source trail explains what is actually known underneath it.