本周，BTC市场在高水平上波动，价格范围为93500-95500。

一些AltCoins，例如SUI生态系统，虚拟生态系统和一些AI代币，已经看到了令人印象深刻的收益。整个市场仍在等待关键数据

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.

本周，BTC市场在高水平上波动，徘徊在93500-95500的价格范围内。一些AltCoins，例如SUI生态系统，虚拟生态系统和一些AI代币，已经看到了令人印象深刻的收益。整个市场仍在等待关键数据，例如本周的失业率和非农业数据，以确定方向。

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.

在协同法规和市场操纵的交织过程中，加密货币市场提出了一个复杂的情况。羊驼事件表明，做市商使用短挤压和融资率来收获散户投资者，操纵低市场帽硬币合同，强调了市场上的投机风险。同时，美国政策范围支持加密资产，《亚利桑那州战略比特币储备法》的通过标志着加密货币的主流化的加速。

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

1.羊驼事件：做市商操纵市场，资金确定了上升和下降

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.

羊驼金融是基于Binance Smart Chain（BSC）的分散融资（DEFI）协议，重点是杠杆产量养殖。 2025年4月24日，Binance宣布将于5月2日将四个代币（羊驼，PDA，机翼，VIB）（包括羊驼金融（Alpaca））造就。通常，从交易所脱颖而出会导致代币价格急剧下降，因为这被认为是该项目的信号失去了流动性和认可。但是，羊驼毛在宣布后增加71％，增长最高，达到237％。一周中的价格将近10次，从约0.02893美元（4月17日的历史低点）飙升至一个高点。尤其是在近乎列出的时期，经常出现瞬时下跌和冲浪，这些瞬时下降和浪潮一直在收获零售流动性，并已成为合同市场的重点。

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

我们不会研究事件的细节，而是讨论司法羊驼症发生的当前市场状况。

Clarify the dealer's thinking

澄清经销商的想法

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:

根据羊驼的价格绩效和最近的广泛猜测，我们可以粗略地理解羊驼营销商的交易思想，可以用作参考：

1. Clear purpose:

1。明确目的：

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

经销商的目的是通过操纵市场并提高羊驼永久合同的价格来获利。

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

2。第一阶段：控制市场并稳定交付价格（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，经销商以低价购买了大量羊驼硬币，并使用市场订单来抑制价格并稳定市场的价格。在积累了一定数量的硬币并稳定价格之后，经销商开始缓慢提高价格，而做市商合作以高水平稳定价格。

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

3。第二阶段：吸引对手（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.

在第二阶段，做市商专注于吸引卖空者。随着价格上涨，做市商使用少量资金来快速提高价格，然后倾倒大量硬币以降低价格，旨在引起短卖家的高度进入市场。在卖空者进入市场后，做市商将继续提高价格，导致卖空者陷入严重的损失和清算状态，从而为做市商提供更多资金，以继续提高价格。这个过程形成了一个恶性循环，做市商的目的是使用这种方法来吸收市场中的剩余价值并迅速提高价格。

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

4。第三阶段：合同交付后的市场崩溃（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日签订了永久交付合同之后，做市商开始倾倒大量硬币以迅速降低价格，然后使用市场订单以低价回购，旨在消耗卖空者的剩余价值，并迅速减少市场对羊驼的关注。最终，做市商以高价出售了剩余的硬币，并退出了市场，留下了快速冷却的羊驼硬币。

To sum up in one sentence:

总结一句话：

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.

做市商通过操纵市场并提高交付合同价格，引诱短卖方进行销售，然后再次提高价格以完成收获，从而获利。交付后，做市商倾倒了市场，并清除了获得剩余价值的立场。

Price trends and banker actions

价格趋势和银行家行动

▲

│ (After delivery)

│（交货后）

│ ┌─▼─┐

│┌─▼─┐

│ │ Shipping │

│运输│

│ └─┬─┘

│└前

│ ┌───────▲───────┐

││││┌┌┌邮就像之一，▲ - ─-─is-ist-----┐

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

│快速上拉到短位置│阶段3

│ ┌─▼─┐ └───────┬───────┘ （4.30-5.2）

││┌─▼─└┐┐┐┐┐┐┐┐┐┐┐┐┐┐┐┐邮等