暴露拍賣市場操縱遊戲：被動賣出訂單被用來掩蓋

週末展開了一個秘密而高效的操縱遊戲。

Author: Fairy, ChainCatcher

作者：童話，鏈球手

Editor: TB, ChainCatcher

編輯：TB，ChainCatcher

A covert and efficient manipulation game unfolded over the weekend.

週末展開了一個秘密而高效的操縱遊戲。

In just a few weeks, an unknown entity accumulated over 20% of the total supply of AUCTION, driving up trading volume, increasing open interest, and pushing CVD continuously upward. Everything seemed to indicate a strong bullish trend. However, behind the scenes, the "whales" were quietly and precisely offloading their positions.

在短短幾週內，一個未知的實體累積了超過20％的拍賣供應，推動交易量，增加開放利息並不斷向上推動CVD。一切似乎都表明了強烈的看漲趨勢。但是，在幕後，“鯨魚”靜靜地，精確地卸下了他們的位置。

The token price exhibited a "Christmas tree" pattern, seemingly climbing steadily but hiding deadly traps. What kind of manipulation strategy is at play? How did the "whales" manage to offload large amounts under the guise of a "bullish advantage"? This article will delve into the truth behind this manipulation scheme.

代幣的價格顯示出“聖誕樹”圖案，似乎穩步攀登但隱藏了致命的陷阱。什麼樣的操縱策略正在發揮作用？ “鯨魚”是如何以“看漲優勢”為幌子的大量卸載的？本文將深入研究此操縱計劃背後的真相。

Recently, the rapid rise and fall of AUCTION has become a hot topic in the ChainCatcher community.

最近，拍賣的快速崛起和下降已成為Chaincatcher社區中的熱門話題。

AUCTION is the governance token of the Bounce Brand, which is a decentralized auction platform that integrates liquidity mining, decentralized governance, and staking mechanisms.

拍賣是Bounce Brand的治理令牌，它是一個分散的拍賣平台，該平台整合了流動性挖掘，分散的治理和放置機制。

Last night, Bounce Brand issued a statement clarifying that the team did not participate in any price manipulation and disclosed a series of market anomalies:

昨晚，Bounce Brand發表聲明，闡明該團隊沒有參加任何價格操縱，並披露了一系列市場異常：

Additionally, market liquidity has shown significant imbalance, presenting a series of unhealthy conditions:

此外，市場流動性顯示出嚴重的失衡，呈現出一系列不健康的條件：

Based on monitoring data from Yujin, we have compiled the recent key operational trajectories and price changes of AUCTION whales:

根據Yujin的監視數據，我們彙編了最近的關鍵操作軌跡和拍賣鯨的價格變化：

From the series of fund movements by the whales and the abnormal market conditions, it is evident that the price trend of AUCTION is not simply driven by funds; there is a more complex manipulation strategy behind it.

從鯨魚和異常市場條件的一系列基金移動來看，很明顯，拍賣的價格趨勢不僅是由資金驅動的。背後有一個更複雜的操縱策略。

What is the manipulation strategy used by the "whales"?

“鯨魚”使用的操縱策略是什麼？

During the sharp decline of AUCTION, market data presented a seemingly contradictory signal: CVD (Cumulative Volume Delta) continued to rise, funding rates kept increasing, and open interest was also on the rise.

在拍賣的急劇下降期間，市場數據表現出一個看似矛盾的信號：CVD（累計數量達美）繼續上升，資金率不斷上升，開放興趣也在上升。

According to conventional logic, when CVD rises and open interest increases, it usually indicates a large influx of active buy orders, and prices should rise. However, the price of AUCTION continued to fall, showing a clear market divergence.

根據常規邏輯，當CVD上升並開放利息增加時，通常表明大量的積極購買訂單湧入，價格應該上升。但是，拍賣的價格繼續下跌，顯示出明顯的市場差異。

According to analysis by crypto KOL Biupa-TZC, the "whales" employed a highly covert "passive sell order" strategy to offload large amounts in a market that appeared to be bullish.

根據Crypto Kol Biupa-TZC的分析，“鯨魚”採用了高度秘密的“被動賣方”策略，以在似乎看漲的市場中大量卸載。

1. Placing Massive Passive Sell Orders

1。下達大量的被動賣出訂單

The "whales" continuously placed oversized passive sell orders near the market price, allowing active buy orders to hit and execute.

“鯨魚”不斷下達超大的被動賣出訂單附近的市場價格，使積極的買入訂單可以達到和執行。

Since the spot market is primarily controlled by the "whales," there are almost no active sell orders. The calculation of CVD is based on the volume of active buy orders minus the volume of active sell orders. In the absence of active sell orders, CVD continues to rise, but prices remain under pressure.

由於現貨市場主要由“鯨魚”控制，因此幾乎沒有積極的賣出訂單。 CVD的計算是基於主動買入訂單的數量減去主動銷售訂單的數量。在沒有主動賣出訂單的情況下，CVD繼續上漲，但價格仍在壓力下。

2. Creating the Illusion of "Price Stability"

2。產生“價格穩定”的錯覺

The "whales" avoided actively crashing the market and instead made it appear that there were only buy orders, creating a false impression of a rising market for investors.

“鯨魚”避免了積極崩潰的市場，而是使似乎只有買入訂單，從而給投資者帶來了不斷上升的市場的錯誤印象。

As CVD continued to rise and open interest increased, retail investors mistakenly believed that funds were actively flowing in, leading them to potentially go long or buy the dip.

隨著CVD繼續上升和開放利息的增加，散戶投資者錯誤地認為資金正在積極流入，導致他們可能會長時間或購買浸入。

3. Gradually Absorbing Market Buy Orders to Complete Offloading

3。逐漸吸收市場購買訂單以完成卸載

The "whales" continuously placed new passive sell orders, eating away at the active buy orders one by one.

“鯨魚”不斷下達新的被動賣出訂單，以一個活躍的購買訂單一一吞噬。

Whenever active buy orders hit the passive sell orders, a brief liquidity vacuum occurred in the market, prompting the "whales" to adjust their sell orders downward, causing prices to gradually decline.

每當積極的買入訂單達到被動賣出訂單時，市場上就會發生短暫的流動性真空，促使“鯨魚”向下調整賣出訂單，從而逐漸下跌。

Due to the large trading volume, these sell orders not only pressured prices but were genuinely selling, ultimately leading to a sharp drop in AUCTION prices.

由於交易量較大，這些賣出訂單不僅壓力很大，而且是真正的銷售，最終導致拍賣價格急劇下跌。

The manipulation game ends, market alarm sounds

操縱遊戲結束，市場警報聲音

The dramatic rise and fall of AUCTION was the result of the "whales" meticulously orchestrating fund allocation and manipulation strategies.

拍賣的戲劇性上升和下降是“鯨魚”精心策劃資金分配和操縱策略的結果。

Although Bounce Brand has provided liquidity support on multiple exchanges and locked up approximately 1.5 million AUCTION to stabilize market liquidity, this incident still exposed the hidden risks and complexities within the crypto market.

儘管Bounce Brand在多次交易所提供了流動性支持，並鎖定了大約150萬次拍賣以穩定市場流動性，但該事件仍然暴露了加密貨幣市場中隱藏的風險和復雜性。

For ordinary investors, this serves as a profound lesson: in the face of highly volatile assets, blindly trading based on signals will only make one a pawn for the "whales." Only by staying vigilant and deeply analyzing market dynamics can one remain undefeated in the ever-changing trading arena.

對於普通投資者來說，這是一個深刻的教訓：面對高度波動的資產，基於信號的盲目交易只會使“鯨魚”成為典當。只有保持警惕和深入分析市場動態，在不斷變化的交易領域中，只有一個人才能保持不敗。