How Does the ‘Order Book Depth’ Visualize the Liquidity Difference That Causes the Spread Disparity between the Two Asset Classes?

Order book depth is a visual representation of the volume of buy (bid) and sell (ask) limit orders at various price levels. For Bitcoin futures, the depth chart is "deep," showing large volumes clustered close to the mid-price, indicating high liquidity and a tight spread.

For low-cap altcoins, the chart is "shallow," showing a large gap (wide spread) between the best bid and ask, with sparse volume, which confirms low liquidity and high price impact risk.