Many retail investors are still stuck in the market mindset of a few years ago: believing that the "big players" must "pump" the price to offload their positions. This time, the harvesting logic of large capital has changed.

In the past, market makers needed to pump the price to attract retail follow-the-trend buyers, but now they don't need to pump anymore.

Holding chips in the left hand, making markets with the right: Market makers obtain a large amount of low-cost or even zero-cost unlocked tokens. As long as they maintain a "certain level of buy-side liquidity" in the market, they can continuously dump their supply at a discount or even at par to every retail investor who tries to average down during a downtrend—turning these investors into the perfect liquidity pool for market makers and VCs to exit.