Back to collectionQuotes Return, but Order Book Depth Is Halved
The order book was still recovering from the liquidation. Market makers began replenishing their orders, but order book depth was only half its pre-crash level. The return of quotes meant trades no longer faced the same void as on liquidation night.
A creative chronicle combining project history with imagined scenes. Story events are not verification of network activity.
The order book was still recovering from the liquidation. After seeing the price spike downward, holders understood the difference between being able to sell and being able to sell at the price on screen. Although the Night Watchman mainly ran a node, he also needed to help newcomers in the group see that distinction.
Market makers began replenishing their orders, but order book depth was only half its pre-crash level. Some in the group took the return of quotes as a return to normal; others worried that a somewhat larger market order could still slip far down the book. The Night Watchman asked them to look at how much could be filled at each price level when placing an order, rather than watching only the latest trade. He planned to add that reminder to the answers commonly given to newcomers.
The return of quotes meant trades no longer faced the same void as on liquidation night. With depth still thin, however, holders' concern about the cost of exiting would not vanish just because a price appeared on screen. An explanation for newcomers could prevent misunderstandings, but could not fill the order book. Whether market makers would keep supplying orders remained to be seen.