#夏日创作营 The $240 million BTC buy order from yesterday ultimately had zero BTC filled.

But it may have accomplished a more important task than “being filled”: propping the BTC price up above $63,850.

This buy order of 3,767 BTC was placed at $63,838 and stayed up for more than 10 hours. After that, BTC traded sideways for a long time above it, and sell orders never really tested the buy wall. The price then climbed steadily to around $64,900.

Many people think that unfilled limit orders are meaningless, which is the biggest misunderstanding of the order book.

In microstructure, publicly visible large limit orders can change other traders’ decisions in advance:

-Sellers see massive support, so their willingness to aggressively dump declines;
-Bears know there is depth below and don’t want to chase shorts right along the buy wall;
-Bulls can treat the area below the buy wall as a clear risk boundary and enter earlier.

Therefore, big orders don’t need to actually spend money to influence price through expected liquidity.