Market depth is a specific Trading coordinate in the Bitcoin knowledge graph. In practical terms, it identifies the subject described here: The amount of executable liquidity distributed across prices on both sides of an order book. This definition is narrower than promotional usage and should be read together with the implementation, date and evidence attached to the entry.
Market depth is best understood as part of a system rather than as an isolated definition. Its related coordinates show the mechanisms, incentives and historical records that give the term practical meaning.
Market depth describes how participants value, trade or obtain exposure to bitcoin. Market behavior can affect adoption and mining economics, but it does not rewrite consensus rules. Price evidence and protocol evidence answer different questions.
Understanding Market depth helps distinguish a verifiable Bitcoin mechanism or historical record from slogans, products and market narratives.
Primary or authoritative records make these details checkable: market depth records executable bid and ask quantities across price levels at a moment, allowing calculation of hypothetical fill cost for a stated order size when combined with venue matching rules. They should be verified before using the coordinate in analysis.
The practical limit is: displayed depth is not committed liquidity: orders can cancel, hide, replenish or move, and snapshots omit latency and cross-venue fragmentation; a depth chart cannot guarantee realized slippage during stress. A definition, office, chart pattern or published claim is not by itself a prediction or Bitcoin consensus rule.
For the clearest picture, read this entry together with Order book, Lightning liquidity, Slippage, Depth chart, Trading liquidity, Market impact. The reverse links also lead from Market order, Order book, Depth chart, Trading liquidity.