I suspect some accounts on Hype are completely fake. Once, I monitored an account with over 1000 BTC positions, and it closed out within ten minutes with almost no price movement. I immediately closed my own position of over 200 Bitcoins, effectively driving down the price by 0.5% and causing a short-term drop in the market. Since then, I've suspected these so-called addresses are data accounts created by Hype. The current crypto futures market is actually worse than the odds of winning at baccarat in Macau. The house is cheating against the players, and retail investors can only lose everything and say, "I need to verify the cards..." BTC contracts are simply unplayable for anyone with even a little capital. Comparatively, the XYZ gold and silver contracts on Hype cannot manipulate the Web2 futures market, but liquidity remains low at closing positions. XYZ's US stock contracts are even worse; the price spreads and funding rates are simply unbearable. Web2 brokerages are far superior; there's no comparison. They allow investment in any sector globally, and the massive liquidity allows for easy opening and closing of positions. If the crypto doesn't offer opportunities like those with inscription tokens, and it's just Bitcoin, then when the price drops to a reasonable level, you can directly buy ETFs through brokerages for investment. I can't see any reason to keep my money in the crypto anymore.

It seems some of these orders are coordinated with Hype phishing. The core liquidity comes from the HLP pool, which acts like a never-liquidated sucker. When large orders are closed, HLP directly hedges internally or absorbs the orders in batches, making the fluctuations invisible in the public order book. Whale multi-wallet + TWAP phishing: Real large investors use 19 addresses to slowly DCA, while the CEX hedges in the opposite direction. This is specifically designed to lure sensitive retail investors like you who will copy their trades. Your 200 BTC market price close and self-dump 0.5%: This 200 BTC (over ten million USD in notional value) was a significant size in the order book at the time. The market price dump impacted the depth of the order book, targeting this kind of fish.