$212 Million Bitcoin Order Vanishes, Throws Traders Into Chaos. Will Spoofing Return to Crypto?
Oliver Knight | Edited by Aoyon Ashraf, Nikkhilesh De Updated April 29, 2025, 1:29 pm Published April 29, 2025, 1:06 pm
On April 14, someone placed a sell order for 2,500 bitcoins worth approximately $212 million on the Binance order book at $85,600, which was about 2-3% higher. current spot prices.
Seeing such a large order, the price of Bitcoin began to move towards this level around 17:00 UTC.
Suddenly the order disappeared, as seen in Coin Glass data, causing short-term market chaos as bulls and bears fought to fill the liquidity.
However, the price of Bitcoin was already on an unstable footing due to geopolitical issues, and it further declined as the disappearance of the order caused chaos among traders.
What happened?
One explanation could be the illegal practice of placing a large limit order to stimulate trading activity, then deleting the order as the price approaches execution. This is called “order spoofing,” which is defined by the 2010 U.S. Dodd-Frank Act as “the illegal practice of trading or offering with the intent to cancel before execution.”
As you can see from the liquidity heat map in the image above, at first glance the order at $85,600 looked like a key resistance area, so market prices started to move towards it. However, in reality, this order and liquidity were likely fake, giving traders the illusion of a stronger market.
Liquidity maps visualize the order book on an exchange and show how much of an asset is in the book at each price point. Traders use
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