It only tells you who is impatient and decides to buy at the ask or sell at the bud. It has no relevance to supply and demand.
I may "demand" the stock, but I'm willing to wait for someone to sell at my "bid". That doesn't mean there is a change in the demand, or the supply.
Supply and Demand is gauged by a chart, not L2's or time & sales. L2's are actually quite useless in OTC stocks anyway as there is no true "total view" depth available.