I actually can't see anything here to disagree with what proudhon said.
Well, one thing stands out. The massive crash occurred when the bid sum in total was about 5X the ask sum. If even then the value can crash so far so fast, it makes me think that any analysis about ask or bids is rather pointless. If it's an indicator, it was indicating strongest when it was most wrong, that doesn't really make a very useful indicator.