[jessaustin]

I think we're talking about parties who don't actually have an order in. Rather they have automated a process to enter orders in response to certain conditions. Depending on what those conditions are, you won't be able to rely on a continuous price trajectory.

Admittedly, I don't see how this is different for BTC than it would be for any other asset.

[justincormack]

Those are not providing liquidity in a useful sense right now. Usually the measure is people prepared to trade at current bid or offer ie a very narrow measure. If you want to buy at 1% down that's not useful now.