本週，BTC市場在高水平上波動，價格範圍為93500-95500。

一些AltCoins，例如SUI生態系統，虛擬生態系統和一些AI代幣，已經看到了令人印象深刻的收益。整個市場仍在等待關鍵數據

This week, BTC market fluctuated at a high level, hovering in the price range of 93500-95500. Some altcoins such as SUI Ecosystem, Virtual Ecosystem and some AI tokens have seen impressive gains. The overall market is still waiting for key data such as unemployment rate and non-agricultural data this week to determine the direction.

本週，BTC市場在高水平上波動，徘徊在93500-95500的價格範圍內。一些AltCoins，例如SUI生態系統，虛擬生態系統和一些AI代幣，已經看到了令人印象深刻的收益。整個市場仍在等待關鍵數據，例如本週的失業率和非農業數據，以確定方向。

In the interweaving of regulation and market manipulation, crypto market presents a complex picture. The ALPACA incident revealed that the market makers manipulated low-market-cap coin contracts, using short squeezes and funding rates to harvest retail investors, highlighting the speculative risks in the market. At the same time, the US policy vane supports crypto assets, and the passage of the Arizona Strategic Bitcoin Reserve Act marks the acceleration of the mainstreaming of cryptocurrencies.

在協同法規和市場操縱的交織過程中，加密貨幣市場提出了一個複雜的情況。羊駝事件表明，做市商使用短擠壓和融資率來收穫散戶投資者，操縱低市場帽硬幣合同，強調了市場上的投機風險。同時，美國政策範圍支持加密資產，《亞利桑那州戰略比特幣儲備法》的通過標誌著加密貨幣的主流化的加速。

1. ALPACA incident: market makers manipulated the market, and funds determined the rise and fall

1.羊駝事件：做市商操縱市場，資金確定了上升和下降

Alpaca Finance is a decentralized finance (DeFi) protocol based on Binance Smart Chain (BSC), focusing on leveraged yield farming. On April 24, 2025, Binance issued an announcement that it would delist four tokens (ALPACA, PDA, WING, VIB), including Alpaca Finance (ALPACA), on May 2. Usually, delisting from an exchange will cause a sharp drop in token prices, as this is seen as a signal that the project has lost liquidity and recognition. However, ALPACA saw an abnormal 71% increase after the announcement, with the highest increase reaching 237%. The price doubled nearly 10 times in a week, soaring from about $0.02893 (the historical low on April 17) to a high point. Especially in the near-delisting period, there have been frequent instantaneous plunges and surges, which have been harvesting retail liquidity and have become the focus of the contract market.

羊駝金融是基於Binance Smart Chain（BSC）的分散融資（DEFI）協議，重點是槓桿產量養殖。 2025年4月24日，Binance宣布將於5月2日將四個代幣（羊駝，PDA，機翼，VIB）（包括羊駝金融（Alpaca））造就。通常，從交易所脫穎而出會導致代幣價格急劇下降，因為這被認為是該項目的信號失去了流動性和認可。但是，羊駝毛在宣布後增加71％，增長最高，達到237％。一周中的價格將近10次，從約0.02893美元（4月17日的歷史低點）飆升至一個高點。尤其是在近乎列出的時期，經常出現瞬時下跌和衝浪，這些瞬時下降和浪潮一直在收穫零售流動性，並已成為合同市場的重點。

We will not study the details of the incident, but discuss the current market situation reflected by the typical event of ALPACA.

我們不會研究事件的細節，而是討論司法羊駝症發生的當前市場狀況。

Clarify the dealer's thinking

澄清經銷商的想法

Based on Alpaca's price performance and recent widespread speculation, we can roughly understand the Alpaca market maker's trading ideas, which can be used as a reference:

根據羊駝的價格績效和最近的廣泛猜測，我們可以粗略地理解羊駝營銷商的交易思想，可以用作參考：

1. Clear purpose:

1。明確目的：

The dealer's purpose is to profit by manipulating the market and raising the price of the Alpaca perpetual contract for delivery.

經銷商的目的是通過操縱市場並提高羊駝永久合同的價格來獲利。

2. The first stage: Control the market and stabilize the price for delivery (before April 30)

2。第一階段：控制市場並穩定交付價格（4月30日之前）

At the beginning of the year, the dealer bought a large number of Alpaca coins at a low price, and used market orders to suppress the price and stabilize the price in the first stage of the market. After accumulating a certain amount of coins and stabilizing the price, the dealer began to raise the price slowly, and the market makers cooperated to stabilize the price at a high level.

在今年年初，經銷商以低價購買了大量羊駝硬幣，並使用市場訂單來抑制價格並穩定市場的價格。在積累了一定數量的硬幣並穩定價格之後，經銷商開始緩慢提高價格，而做市商合作以高水平穩定價格。

3. The second stage: attracting the opponent (before 30 days)

3。第二階段：吸引對手（30天之前）

In the second stage, the market maker focused on attracting short sellers. As the price rose, the market maker used a small amount of funds to quickly pull up the price, and then dumped a large amount of coins to lower the price, aiming to induce short sellers to enter the market at a high level. After the short sellers entered the market, the market maker would continue to pull up the price, causing the short sellers to fall into a state of deep loss and liquidation, thus providing more funds for the market maker to continue pulling up the price. This process formed a vicious circle, and the market maker's purpose was to use this method to absorb the remaining value in the market and quickly increase the price.

在第二階段，做市商專注於吸引賣空者。隨著價格上漲，做市商使用少量資金來快速提高價格，然後傾倒大量硬幣以降低價格，旨在引起短賣家的高度進入市場。在賣空者進入市場後，做市商將繼續提高價格，導致賣空者陷入嚴重的損失和清算狀態，從而為做市商提供更多資金，以繼續提高價格。這個過程形成了一個惡性循環，做市商的目的是使用這種方法來吸收市場中的剩餘價值並迅速提高價格。

4. The third stage: the market crash after the contract delivery (April 30~May 2)

4。第三階段：合同交付後的市場崩潰（4月30日至5月2日）

After the perpetual contract for delivery on April 30, the market maker began to dump a large amount of coins to lower the price rapidly, and then used market orders to buy back at a low price, aiming to consume the short sellers' remaining value and quickly reduce the market's attention to Alpaca. Finally, the market maker sold the remaining coins at a high price and withdrew from the market, leaving behind a rapidly cooling Alpaca coin.

在4月30日簽訂了永久交付合同之後，做市商開始傾倒大量硬幣以迅速降低價格，然後使用市場訂單以低價回購，旨在消耗賣空者的剩餘價值，並迅速減少市場對羊駝的關注。最終，做市商以高價出售了剩餘的硬幣，並退出了市場，留下了快速冷卻的羊駝硬幣。

To sum up in one sentence:

總結一句話：

The market maker makes a profit by manipulating the market and raising the contract price for delivery, lures short sellers into selling and then raises the price again to complete the harvest. After delivery, the market maker dumps the market and clears the position to reap the remaining value.

做市商通過操縱市場並提高交付合同價格，引誘短賣方進行銷售，然後再次提高價格以完成收穫，從而獲利。交付後，做市商傾倒了市場，並清除了獲得剩餘價值的立場。

Price trends and banker actions

價格趨勢和銀行家行動

▲

│ (After delivery)

│（交貨後）

│ ┌─▼─┐

│┌─▼─┐

│ │ Shipping │

│運輸│

│ └─┬─┘

│└前

│ ┌───────▲───────┐

││││┌┌┌郵就像之一，▲ - ─-─is-ist-----┐

│ │ Rapid pull-up to short position │ Phase 3

│快速上拉到短位置│階段3

│ ┌─▼─┐ └───────┬───────┘ （4.30-5.2）

││┌─▼─└┐┐┐┐┐┐┐┐┐┐┐┐┐┐┐┐郵等