Yesterday, the $240 million BTC payment was made, but in the end, not a single BTC was traded. But it may have accomplished a more important task than "closing the deal": to "prop up" the BTC price above $63850. The buy order for 3767 BTC is hanging at $63838 and has been ongoing for over 10 hours. Afterwards, BTC remained sideways above it for a long time, and selling never truly tested the buying wall, causing the price to rise all the way to around $64900. Many people believe that if an order is not executed, it is meaningless, which is the biggest misunderstanding of the order book. In the microstructure, publicly available large limit orders can change the decisions of other traders in advance: -The seller sees a huge undertaking and their willingness to actively sell has decreased; -Bears know there is depth below and are unwilling to chase after them by sticking to the buying wall; -Bulls can use buying below the wall as a clear risk boundary and enter early. Therefore, large orders do not require actual spending and can also affect prices through expected liquidity. Yesterday's $240 million wall buying did not take on selling, but it dampened the market's willingness to actively sell, anchoring BTC's short-term price above $63850. Another super large purchase that appeared today at $64750 is even more worth paying attention to. This order initially had only $36.44 million and 563 BTC, but continued to replenish during the hanging period, ultimately resulting in a cumulative increase of $168 million and 2591 BTC, with a transaction volume reaching 460% of the initial commission. This is a real gold and silver absorption sale. From the trend perspective, BTC experienced a contraction in volume around $64750, and several downturns did not form a continuous downward kill before rising to $64948. This order not only provides a price anchor, but also converts the selling that flows into the region into real positions. Two large orders actually demonstrate two completely different pricing methods: -The first step is to use "existence" to change market expectations; -The second transaction is to change the long and short inventory using 'transaction'. The former is liquidity deterrence, while the latter is active absorption. But the next thing to pay attention to is whether BTC can hold $64750 -Hold on, indicating that the position has been transformed from an artificially inflated area to a market recognized true cost area, and the price may be tested again from $64950 to $65000; -Losing control indicates that the previous stability relied more on a single fund support rather than a natural buying relay. So, the three stages that are truly worth observing when placing a large purchase order (while placing a sell order is the opposite) are: -When placing an order, does the market stop falling; -Whether the selling order is continuously absorbed during the transaction; -Can the price still hold on to the cost after leaving. BTC Whale