Depth first
TVL is not perfect, but it is a widely available open-data depth proxy. Bathymark pairs its nominal weekly tide with chain concentration, stablecoin circulation, fees, and DEX turnover so a move is not read in isolation. Price effects remain in the TVL series.
Why liquidity moves matter
Rising nominal TVL can reflect deposits, asset-price gains, incentives, or source mapping changes. Falling nominal TVL can reflect withdrawals, repricing, or mapping changes. Bathymark names the observed balance move and does not infer the cause without separate evidence.