Recently, screenshots of large orders have been popping up everywhere on the square. Honestly, these things have a weight in order flow analysis that’s really negligible.

Why? Because what you see are all **unfilled data**. What really matters? How the price moves and the traces left by internal transactions—that’s the real hard currency.

Traditional markets are easier to analyze, for example, regulated venues like CME, where you have to sign multiple documents when opening an account, clearly indicating which actions are illegal. So fake orders are rare. But in cryptocurrencies? It’s like the Wild West—fake orders fill the sky, and most orders’ true intentions are completely guesswork.

When scalping, observing along with market depth can indeed capture some habitual behavioral patterns. But in the crypto market? Forget it, it’s entirely unrecognizable.

Even worse, crypto derivatives trading volume is huge, with many hidden orders that completely undermine the value of order analysis. See a super-large buy order at a key level? Don’t get excited:

1. Whether it truly gets filled is questionable—it might just be a big trader showing off their muscle after losing a lot
2. There could be stop-loss orders stacked several times higher above that level, but you can’t see them at all
3. The outcome? The price not only won’t stop there, but will accelerate through it

The most fatal point: most of BTC’s trading volume now concentrates on ETFs. Watching a major exchange’s order book? Completely pointless.

So the conclusion is simple—**all trading strategies based on large orders are basically useless in the crypto market.**