A forced buy-back cascade when shorts are liquidated into a rising tape.

The difference between the expected price and the fill price, usually worse in thin markets or large orders.

Posting large orders you intend to cancel to trick others about supply or demand.

Trading the actual asset for immediate settlement, not a future or perpetual.

Earning the bid-ask as a market maker, before inventory and adverse-selection costs.

Security token offering. A regulated-style issuance of tokenized securities, contrasted with unregistered ICOs.

A trigger that becomes a sell (or buy) if price trades through a level, used to cap a losing position.

Traditional securities settlement lags. Crypto spot is closer to T+0, which is why ETF in-kind is operationally hard.

Representing an off-chain claim (bond, fund share, invoice, property interest) as a transferable on-chain token with legal wrapping off-chain.

The supply rules, allocation, distribution schedule, utility, and incentives surrounding a token.

A structure where a custodian holds assets for both a client and a lender or venue under a control agreement.

Time-weighted average price. An execution style that slices an order across time to reduce impact.

A lockup calendar that releases tokens over time so insiders cannot dump the float on day one.

How much price swings. Crypto volatility is typically far higher than large-cap equities.

The notional amount traded over a period. High volume supports a move. Thin volume can fake one.

Volume-weighted average price. A benchmark and an execution style that follows traded volume.