2.12億美元的比特幣賣出訂單消失了

4月14日，有人為2500比特幣下達賣出訂單，價值約2.12億美元

On April 14, someone put in a sell order for 2,500 bitcoin (BTC) at $85,600, around 2-3% above the spot prices trading at the time, on Binance at around 17:00 UTC.

4月14日，有人在2500個比特幣（BTC）下達了賣出訂單，為85,600美元，比當時的現貨價格交易高約2-3％，在17:00 UTC左右。

Seeing such a large order, the bitcoin price started to gravitate to this level.

看到如此大的訂單，比特幣的價格開始吸引到這個水平。

Suddenly, the order vanished, as seen using Coin Glass data, which caused a brief moment of market apathy as bulls and bears tussled to fill a void in liquidity. The bitcoin price at the time, however, was already on shaky ground due to geopolitical concerns and went lower after the vanishing order caused chaos for the traders.

突然，該訂單消失了，如使用硬幣玻璃數據所見，這引起了公牛並遭到爭吵以填補流動性空白的短暫市場冷漠的時刻。然而，當時的比特幣價格由於地緣政治的關注而變得搖搖欲墜，並且在消失的命令造成了交易者的混亂之後下降。

So what happened?

那怎麼了？

One answer could be an illegal technique that involves placing a large limit order to rile trading activity and then removing the order once the price comes close to filling it. This is called “order spoofing,” defined by the 2010 U.S. Dodd-Frank Act as “the illegal practice of bidding or offering with the intent to cancel before execution.”

一個答案可能是一種非法技術，涉及將大限額訂單放置在Rile交易活動中，然後一旦價格接近填充訂單。這稱為“訂單欺騙”，這是2010年美國Dodd-Frank法案定義的，是“競標或願意在執行前取消的非法實踐”。

As seen in the liquidity heatmap in the image above, on the surface, the order with a price of $85,600 seemed like a key area of resistance, which is why market prices started to gravitate towards it. However, in reality, that order and liquidity were likely spoofed, giving traders the illusion of a stronger market.

從上圖中的流動性熱圖中可以看出，在表面上，價格為85,600美元的訂單似乎是阻力的關鍵領域，這就是為什麼市場價格開始傾向於它的原因。但是，實際上，這種秩序和流動性很可能被欺騙，從而使交易者幻想更強大的市場。

Liquidity heatmaps visualize an order book on an exchange and show how much of an asset rests on the book at each price point. Traders will use a heatmap to identify areas of support and resistance or even to target and squeeze under-pressed positions.

流動性熱圖可視化一本關於交換的訂單書，並在每個價格點上顯示本書中有多少資產。交易者將使用熱圖來識別支持和阻力區域，甚至可以瞄準和擠壓不滿意的位置。

In this particular case, the trader seemed to have placed a possible spoof order when the U.S. equity market was closed, usually a time period of low liquidity for the 24/7 bitcoin market. The order was then removed when the U.S. market opened as the price moved towards filling it. This could still have had the desired effect, as, for instance, a large order on one exchange might spur traders or algorithms on another exchange to remove their trades, creating a void in liquidity and subsequent volatility.

在這種特殊情況下，當美國股票市場關閉時，交易者似乎已經下達了可能的欺騙訂單，通常是24/7比特幣市場流動性低的時間。當美國市場開放時，訂單被刪除，因為價格向填補了。這仍然可以產生預期的效果，例如，一個交易所上的大訂單可能會刺激交易者或另一個交易所上的算法來刪除其交易，從而在流動性和隨後的波動中產生空白。

Another reason could be that the trader placing a $212 million sell order on Binance wanted to create short-term sell pressure to get filled on limit buys, and then they removed that order once those buys were filled.

另一個原因可能是，在Binance上下達2.12億美元的賣出訂單的交易者希望造成短期賣出壓力以填補極限購買，然後一旦這些購買，他們就刪除了該訂單。

Both options are plausible, albeit still illegal.

這兩種選擇都是合理的，儘管仍然是非法的。

'Systemic Vulnerability'

“系統脆弱性”

Former ECB analyst and current managing director of Oak Security, Dr. Jan Philipp, told Chainlink that manipulative trading behavior is a “systemic vulnerability, especially in thin, unregulated markets.”

歐洲央行分析師兼現任OAK安全局局長Jan Philipp博士告訴ChainLink，操縱性交易行為是“系統性的脆弱性，尤其是在薄薄的，不受監管的市場中”。

“These tactics give sophisticated actors a consistent edge over retail traders. And unlike TradFi, where spoofing is explicitly illegal and monitored, crypto exists in a gray zone.”

“這些策略使成熟的演員比零售商人保持一致的優勢。與Tradfi不同，Tradfi明確非法並受到監控，加密貨幣存在於灰色區域中。”

He added that “spoofing needs to be taken seriously as a threat as it helped trigger the 2010 Flash Crash in traditional markets, which erased almost $1 trillion in market value.”

他補充說：“需要認真對待欺騙作為威脅，因為它幫助觸發了2010年的傳統市場閃光崩潰，這使近1萬億美元的市場價值消除了。”

Binance, meanwhile, maintains that it is playing its part in preventing market manipulation.

同時，Binance堅持認為它在防止市場操縱中發揮了作用。

“Maintaining a fair and orderly trading environment is our top priority and we invest in internal and external surveillance tools that continuously monitor trading in real-time, flagging inconsistencies or patterns that diverge from normal market behavior,” a Binance spokesperson said in an email to Chainlink.

Binance發言人在給ChainLink的電子郵件中說：“保持公平而有序的交易環境是我們的重中之重，我們投資於內部和外部監視工具，這些工具可以實時不斷監視交易，標記與正常市場行為不同的矛盾或模式。”

The spokesperson added that if anyone is found manipulating markets, it will freeze accounts, report suspicious activity to regulators, or remove bad actors from its platform.

發言人補充說，如果發現任何人操縱市場，它將凍結帳戶，向監管機構報告可疑活動，或者從其平台上刪除不良演員。

Crypto and spoofing

加密和欺騙

Spoofing, or a strategy that mimics a fake order, is illegal, but for a young industry such as crypto, history is rife with such examples.

欺騙或模仿假秩序的策略是非法的，但是對於像加密貨幣這樣的年輕行業而言，歷史上充斥著這樣的例子。

During 2014, when there was little to no regulatory oversight, the majority of trading volume took place on bitcoin-only exchanges from retail traders and cypherpunks, opening the industry to such practices.

2014年，當幾乎沒有監管的監督時，大多數交易量都是在零售交易者和Cypherpunks的僅比特幣交易所進行的，從而將行業開放給了這種做法。

During 2017’s ICO phase, when trading volume skyrocketed, tactics such as spoofing were also expected, as institutions were still skeptical about the asset class. In 2017 and 2018, traders regularly placed nine-figure positions that they had no intention of filling, only to pull the order shortly after.

在2017年的ICO階段，當交易量飆升時，諸如欺騙之類的策略也被預計，因為機構仍然對資產類別持懷疑態度。在2017年和2018年，貿易商經常擔任他們無意填補的九位數字的職位，只是在不久之後就提起訂單。

BitMEX founder Arthur Hayes said in a 2017 blog post that he “found it incredible” that spoofing was illegal. He argued that if a smart trader wanted to buy $1 billion of BTC, they would bluff a $1 billion sell order to get it filled.

Bitmex創始人亞瑟·海斯（Arthur Hayes）在2017年的一篇博客文章中說，他“發現令人難以置信”，欺騙是非法的。他辯稱，如果一個聰明的交易者想購買10億美元的BTC，他們會虛白10億美元的賣出訂單以填補它。

However, since the 2021 bull market, the crypto market has experienced waves of institutional adoption, such as Coinbase (NASDAQ:COIN) going public, Strategy (NASDAQ:STGY) going all-in on bitcoin, and BlackRock launching exchange-traded funds (ETFs).

但是，自2021年牛市以來，加密貨幣市場已經經歷了機構採用的浪潮，例如Coinbase（NASDAQ：COIN）公開，戰略（NASDAQ：STGY）全力以赴，而BlackRock推出了交易所交易所的資金（ETF）。

At the time of writing,

在寫作時，