A bid is evidence of a capability to buy in.  An ask is evidence of a capability to sell out.  Showing evidence of funds on one side does not imply funds on the other side.  One must resort to second-level gaming to infer the opposite.  Additional levels of gaming just result in compounding the inversions of logic with exponentially decreasing probability of accuracy.

500 btc would sweep the book to .004.  The offer has left the book anyhow.  The effect was an upturn in the very short-term price trend.

Sometimes a large order will result in the market fleeing the wall.  Sometimes it will result in the market seeking out the wall.  It depends on what polar flavor of liquidity is yearning to breathe free, and at what price.  So far from the top of the book, it will cause ripples, but can actually stabilize things while everyone waits for a shoe to drop.