Is the Order Book Volume a Good Measure of Liquidity?

I'm working on right now, trying to define liquidity for all the coins in the space. A lot of people tend to look at order book volume as a measure of liquidity. There's no spooting regulations or any there's a lot of kind of questionable stuff that happens in crypto trating. Thea liquidity you see in the order books isn't actually there, and especially it's not there when you need it most.

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