This is a clear example of phantom liquidity: liquidity that appears in the order book, attracts market orders, vanishes before execution, then reloads immediately after.

Here, the key zone is clearly around the BID, on the blue/cyan side, near the bid/ask frontier around 25010.50 / 25011.75.

What we see here is phantom bid liquidity:

1️⃣ Bid blocks appear just under the red sell bubbles.
They look ready to absorb aggressive market sells.

2️⃣ Red sell bubbles come in to hit that bid.
These are aggressive sellers expecting available liquidity.

3️⃣ But the executions appear to print below the displayed bid.
If that bid was truly stable, the sells should execute against it. Instead, it looks like the bid pulls just before impact.

4️⃣ Then the bid reloads immediately after.
Bid visible → sell market hits → bid vanishes → sellers execute lower → bid comes back.

That is the trap.

Aggressive sellers believe they are selling into real bid liquidity.
But the bid disappears for a few milliseconds, forces them to sell lower with slippage, then reloads, sometimes even higher.

The trapped side here is not the buyers.

It is the sellers.

Phantom Bid Liquidity = displayed bid liquidity that attracts sell market orders, vanishes before impact, forces sellers to execute lower, then reloads to trap them. 👻⚡