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Bitcoin soared to $94,000 in two hours: $68 million swept away by manipulation controversy, has it been "liquidity hunting"?
During the US trading session on Tuesday, the price of Bitcoin rose sharply from about $91,000 to more than $94,000 in two hours, an unusual trend that attracted strong attention from the market. The lack of clear positive news has led some traders to point out that this is "textbook manipulation", while others believe there are real macro catalysts behind it.
Multiple on-chain analysts noted a rare period of large-scale concentrated buying during the price surge. DeFiTracer data shows that market maker Wintermute bought about $68 million in Bitcoin within an hour, while simultaneous buying orders from multiple major exchanges were also seen as a "synergistic push" by some researchers. Trader NoLimitGains noted that this rally is characterized by typical manipulation: extremely thin order books, large market orders pouring in in a short period of time, and a lack of subsequent structured buying. He believes that "a real bull market builds structure, and artificial push only leaves traps."
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