Author: Fairy, ChainCatcher
A covert and efficient manipulation game took place over the weekend.
In just a few weeks, an unknown entity has acquired more than 20% of the total supply of AUCTION, driving the trading volume to soar, the holdings to grow, and the CVD to continue to rise. Everything seems to be a strong market led by bulls. However, behind this, the "banker" is quietly and accurately shipping.
The token price has gone out of the "Christmas tree" market, seemingly rising steadily, but in fact it is hiding a hidden danger. What kind of trading layout is this? How does the "banker" complete large-scale shipments in a situation where "it seems that the bulls are dominant"? This article will deeply analyze the truth of this trading layout.
AUCTION Market movement: The trading tracks of giant whales emerge
AUCTION is the governance token of Bounce Brand, a decentralized auction platform that integrates liquidity mining, decentralized governance and staking mechanisms.
Last night, Bounce Brand issued a statement to clarify that the team did not participate in AUCTION price manipulation and disclosed a series of market anomalies:
Over the past few weeks, an unknown entity has cumulatively acquired over 20% of the total supply of AUCTION.
AUCTION trading volume has surged on major exchanges, with the AUCTION futures pair on Binance becoming the third largest trading pair after BTC and ETH. AUCTION spot trading volume on Upbit has surpassed BTC for several consecutive days.
Upbit's AUCTION trading price showed a significant premium, and a large amount of AUCTION was withdrawn from mainstream exchanges for arbitrage trading.
In addition, market liquidity is clearly unbalanced, showing a series of unhealthy conditions:
Binance hot wallet holdings have plummeted, currently holding less than 10% of the total supply of AUCTION.
The annualized lending rate exceeds 80%, and the funding rate has remained at -2% for multiple cycles.
Major exchanges adjusted position limits and risk control measures for AUCTION perpetual contracts.
Based on the monitoring data of Ember, we have sorted out the recent key operation trajectories and currency price changes of AUCTION whales:
Judging from a series of fund movements by whales and market anomalies, the price trend of AUCTION is not simply driven by funds, but there is a more complex trading layout behind it.
Hidden selling technique: "passive sell order" trading strategy
During the AUCTION plunge, market data showed a seemingly contradictory signal: CVD (cumulative volume increment) continued to rise, funding rates continued to rise, and positions were also increasing. According to conventional logic, when CVD rises and positions increase, it usually means that there are a large number of active buy orders in the market, and prices should rise. However, the price of AUCTION has been falling all the way, showing an obvious market deviation.
According to the analysis of crypto KOL Biupa-TZC, AUCTION's "banker" adopted an extremely covert "passive sell order" delivery strategy, completing large-scale delivery in a market that seemed to be dominated by bulls.
1. Place a large number of passive sell orders
The "bank maker" continuously places extremely large passive sell orders near the market price, allowing active buy orders to come in and be executed.
Since the spot market is mainly controlled by the "banker", there are almost no active sell orders in the market. CVD is calculated by subtracting the active sell order volume from the active buy order volume. In the absence of active sell orders, CVD continues to rise, but the price is always under pressure.
2. Create the illusion of "firm prices"
The "market maker" avoids actively dumping the market, but instead makes it appear that there is only buying in the market, giving investors the illusion that the market is rising.
As CVD continues to rise and holdings are also increasing, retail investors mistakenly believe that funds are actively pouring in, and they may actively go long or buy at the bottom.
3. Gradually absorb market buying and complete shipment
The "bank maker" eats up the active buying orders one by one by constantly placing new passive sell orders.
Whenever active buying impacts passive selling, a brief liquidity vacuum appears in the market, and the "market maker" adjusts the selling order downward again, causing the price to gradually fall.
Due to the large volume, these sell orders were not just suppressing the price, but actually selling, which eventually caused the price of AUCTION to plummet.
The trading game is over, and the market alarm bells are ringing
Behind the sudden rise and fall of AUCTION is the carefully planned capital allocation and trading layout of the "banker". Although Bounce Brand has provided liquidity support in multiple exchanges and locked up about 1.5 million AUCTION to stabilize market liquidity, this incident still exposes the hidden risks and complexities in the crypto market.
For ordinary investors, this is a profound lesson: in the face of highly volatile assets, blindly trading signals will only become a bargaining chip for the "banker". Only by staying vigilant and deeply analyzing market dynamics can you remain invincible in the ever-changing trading market.
