Back in 2017 I traded a bit in cryptocurrencies. I noticed back then that a lot of buy and sell orders were being canceled. My assumption is that a lot of that was being done by bots that were either arbitraging, or trying to manipulate the market into putting orders at certain prices.

Based on that I am a bit skeptical towards trusting buy and sell orders as showing what amounts and prices people actually want to buy and sell at.

I would like to see someone gather and analyze data to show orders placed vs orders retracted and orders filled. But even the insight gained from that could be of little or limited use.