2.12亿美元的比特币卖出订单消失了

4月14日，有人为2500比特币下达卖出订单，价值约2.12亿美元

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个比特币（BTC）下达了卖出订单，为85,600美元，比当时的现货价格交易高约2-3％，在17:00 UTC左右。

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

看到如此大的订单，比特币的价格开始吸引到这个水平。

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，该订单消失了，如使用硬币玻璃数据所见，这引起了公牛并遭到争吵以填补流动性空白的短暂市场冷漠的时刻。然而，当时的比特币价格由于地缘政治的关注而变得摇摇欲坠，并且在消失的命令造成了交易者的混乱之后下降。

So what happened?

那怎么了？

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.”

一个答案可能是一种非法技术，涉及将大限额订单放置在Rile交易活动中，然后一旦价格接近填充订单。这称为“订单欺骗”，这是2010年美国Dodd-Frank法案定义的，是“竞标或愿意在执行前取消的非法实践”。

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.

从上图中的流动性热图中可以看出，在表面上，价格为85,600美元的订单似乎是阻力的关键领域，这就是为什么市场价格开始倾向于它的原因。但是，实际上，这种秩序和流动性很可能被欺骗，从而使交易者幻想更强大的市场。

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.

流动性热图可视化一本关于交换的订单书，并在每个价格点上显示本书中有多少资产。交易者将使用热图来识别支持和阻力区域，甚至可以瞄准和挤压不满意的位置。

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.

在这种特殊情况下，当美国股票市场关闭时，交易者似乎已经下达了可能的欺骗订单，通常是24/7比特币市场流动性低的时间。当美国市场开放时，订单被删除，因为价格向填补了。这仍然可以产生预期的效果，例如，一个交易所上的大订单可能会刺激交易者或另一个交易所上的算法来删除其交易，从而在流动性和随后的波动中产生空白。

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.

另一个原因可能是，在Binance上下达2.12亿美元的卖出订单的交易者希望造成短期卖出压力以填补极限购买，然后一旦这些购买，他们就删除了该订单。

Both options are plausible, albeit still illegal.

这两种选择都是合理的，尽管仍然是非法的。

'Systemic Vulnerability'

“系统脆弱性”

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.”

欧洲央行分析师兼现任OAK安全局局长Jan Philipp博士告诉ChainLink，操纵性交易行为是“系统性的脆弱性，尤其是在薄薄的，不受监管的市场中”。

“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.”

“这些策略使成熟的演员比零售商人保持一致的优势。与Tradfi不同，Tradfi明确非法并受到监控，加密货币存在于灰色区域中。”

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.”

他补充说：“需要认真对待欺骗作为威胁，因为它帮助触发了2010年的传统市场闪光崩溃，这使近1万亿美元的市场价值消除了。”

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

同时，Binance坚持认为它在防止市场操纵中发挥了作用。

“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发言人在给ChainLink的电子邮件中说：“保持公平而有序的交易环境是我们的重中之重，我们投资于内部和外部监视工具，这些工具可以实时不断监视交易，标记与正常市场行为不同的矛盾或模式。”

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.

发言人补充说，如果发现任何人操纵市场，它将冻结帐户，向监管机构报告可疑活动，或者从其平台上删除不良演员。

Crypto and spoofing

加密和欺骗

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.

欺骗或模仿假秩序的策略是非法的，但是对于像加密货币这样的年轻行业而言，历史上充斥着这样的例子。

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，当几乎没有监管的监督时，大多数交易量都是在零售交易者和Cypherpunks的仅比特币交易所进行的，从而将行业开放给了这种做法。

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阶段，当交易量飙升时，诸如欺骗之类的策略也被预计，因为机构仍然对资产类别持怀疑态度。在2017年和2018年，贸易商经常担任他们无意填补的九位数字的职位，只是在不久之后就提起订单。

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创始人亚瑟·海斯（Arthur Hayes）在2017年的一篇博客文章中说，他“发现令人难以置信”，欺骗是非法的。他辩称，如果一个聪明的交易者想购买10亿美元的BTC，他们会虚白10亿美元的卖出订单以填补它。

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年牛市以来，加密货币市场已经经历了机构采用的浪潮，例如Coinbase（NASDAQ：COIN）公开，战略（NASDAQ：STGY）全力以赴，而BlackRock推出了交易所交易所的资金（ETF）。

At the time of writing,

在写作时，