暴露拍卖市场操纵游戏：被动卖出订单被用来掩盖

周末展开了一个秘密而高效的操纵游戏。

Author: Fairy, ChainCatcher

作者：童话，链球手

Editor: TB, ChainCatcher

编辑：TB，ChainCatcher

A covert and efficient manipulation game unfolded over the weekend.

周末展开了一个秘密而高效的操纵游戏。

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.

在短短几周内，一个未知的实体累积了超过20％的拍卖供应，推动交易量，增加开放利息并不断向上推动CVD。一切似乎都表明了强烈的看涨趋势。但是，在幕后，“鲸鱼”静静地，精确地卸下了他们的位置。

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.

代币的价格显示出“圣诞树”图案，似乎稳步攀登但隐藏了致命的陷阱。什么样的操纵策略正在发挥作用？ “鲸鱼”是如何以“看涨优势”为幌子的大量卸载的？本文将深入研究此操纵计划背后的真相。

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

最近，拍卖的快速崛起和下降已成为Chaincatcher社区中的热门话题。

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

拍卖是Bounce Brand的治理令牌，它是一个分散的拍卖平台，该平台整合了流动性挖掘，分散的治理和放置机制。

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发表声明，阐明该团队没有参加任何价格操纵，并披露了一系列市场异常：

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

此外，市场流动性显示出严重的失衡，呈现出一系列不健康的条件：

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

根据Yujin的监视数据，我们汇编了最近的关键操作轨迹和拍卖鲸的价格变化：

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.

从鲸鱼和异常市场条件的一系列基金移动来看，很明显，拍卖的价格趋势不仅是由资金驱动的。背后有一个更复杂的操纵策略。

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

“鲸鱼”使用的操纵策略是什么？

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.

在拍卖的急剧下降期间，市场数据表现出一个看似矛盾的信号：CVD（累计数量达美）继续上升，资金率不断上升，开放兴趣也在上升。

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.

根据常规逻辑，当CVD上升并开放利息增加时，通常表明大量的积极购买订单涌入，价格应该上升。但是，拍卖的价格继续下跌，显示出明显的市场差异。

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.

根据Crypto Kol Biupa-TZC的分析，“鲸鱼”采用了高度秘密的“被动卖方”策略，以在似乎看涨的市场中大量卸载。

1. Placing Massive Passive Sell Orders

1。下达大量的被动卖出订单

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

“鲸鱼”不断下达超大的被动卖出订单附近的市场价格，使积极的买入订单可以达到和执行。

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.

由于现货市场主要由“鲸鱼”控制，因此几乎没有积极的卖出订单。 CVD的计算是基于主动买入订单的数量减去主动销售订单的数量。在没有主动卖出订单的情况下，CVD继续上涨，但价格仍在压力下。

2. Creating the Illusion of "Price Stability"

2。产生“价格稳定”的错觉

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.

“鲸鱼”避免了积极崩溃的市场，而是使似乎只有买入订单，从而给投资者带来了不断上升的市场的错误印象。

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.

随着CVD继续上升和开放利息的增加，散户投资者错误地认为资金正在积极流入，导致他们可能会长时间或购买浸入。

3. Gradually Absorbing Market Buy Orders to Complete Offloading

3。逐渐吸收市场购买订单以完成卸载

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

“鲸鱼”不断下达新的被动卖出订单，以一个活跃的购买订单一一吞噬。

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.

每当积极的买入订单达到被动卖出订单时，市场上就会发生短暂的流动性真空，促使“鲸鱼”向下调整卖出订单，从而逐渐下跌。

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.

由于交易量较大，这些卖出订单不仅压力很大，而且是真正的销售，最终导致拍卖价格急剧下跌。

The manipulation game ends, market alarm sounds

操纵游戏结束，市场警报声音

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

拍卖的戏剧性上升和下降是“鲸鱼”精心策划资金分配和操纵策略的结果。

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.

尽管Bounce Brand在多次交易所提供了流动性支持，并锁定了大约150万次拍卖以稳定市场流动性，但该事件仍然暴露了加密货币市场中隐藏的风险和复杂性。

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.

对于普通投资者来说，这是一个深刻的教训：面对高度波动的资产，基于信号的盲目交易只会使“鲸鱼”成为典当。只有保持警惕和深入分析市场动态，在不断变化的交易领域中，只有一个人才能保持不败。