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$SEI The current market overall is in a bear market environment, and for some cryptocurrencies, market makers have already collected large amounts of low-priced core chips at the bottom.
Many coins have rebounded and have entered the market makers' high-level distribution zone. Retail investors entering at this time are just taking over the position, and easily become victims, so you must control risk carefully.
Moreover, many cryptocurrencies in the market have highly synchronized K-lines, highly consistent trends, and highly identical operations. The truth is that the same market makers control multiple coins through robots with coordinated cross-coin mechanisms, executing synchronously on multiple coins using the same trading logic and market-making mechanisms.
Market makers absorb chips at low prices and wash the market, collecting large amounts of circulating chips to achieve high-level control. The market shows volume-less resistance to declines with obvious support at key price levels, and limited floating chips in the market.
Market makers employ methods such as locked-position pumping (reducing selling pressure by locking chips), pulse pumping (rapid short-term increases to attract followers), step-by-step pumping (pump, consolidate, pump again), and wave segment pumping (gradually higher highs and lows with upward oscillation), combined with wash-trading and volume painting, needle dips, news manipulation and other tactics to wash out weak hands and guide market sentiment.
After retail investors chase the rally, market makers distribute chips at high prices, the price falls back, and this is how market makers harvest retail investors through manipulation.
Capital is flowing comprehensively away from centralized exchanges toward on-chain trading and fair, transparent decentralized trading markets. Whether spot or leveraged contracts, funds are concentrating in this direction.
From the data, decentralized contract trading volume has surged significantly over the year, while centralized platform contract holdings continue to decline. Simultaneously, capital keeps flowing out of centralized platforms, with available liquidity on the platform becoming increasingly scarce.
The corresponding results are:
Public chain tokens and altcoins on centralized exchanges have basically been abandoned by the market, experiencing widespread volume-less declines, liquidity depletion, sparse buy-side interest, and difficult executions. Numerous tokens have become zombie coins.
The current market nature is an incremental game with zero fresh capital:
The vast majority of altcoins lack genuine buy-side demand, with only market makers remaining at the bottom engaging in wash trading, cross-trades, and manipulation to accumulate positions—entirely relying on self-dealing to maintain order books.
Once external capital stops entering to take positions, these tokens enter liquidity death, ultimately resulting in zero value.