#大户持仓动态 Can the retail investor's chips really shake the market data? The example of $ZEC may illustrate the issue.

After being in the crypto world for a long time, the easiest pitfall is projecting oneself as the main character. Every time there is a significant drop, someone shouts "the big player is cutting me off," as if their little chips in the account can influence the entire market direction. But the truth is, your position can't even cover the transaction fees of the traders.

Looking at the GAMA project: a total of 7 million tokens, with retail investors holding 4.2 million at a cost of 1U. And what about the big players? They only absorbed 2.8 million at the bottom. This number makes it seem like the big players have fewer chips. The question arises—why are the big players hesitant to directly push the price up? It's simple, if the price skyrockets to 1.3U, the retail investors with those 4.2 million tokens will immediately sell. Who will take those? The big players are not doing charity. So they chose another route: instead of washing the market, they are "washing people."

**First Move: Gradual Erosion**

There are no negative news and no positive news either. It's just a daily drop of 3%, and the K-line looks like an ECG in a hospital—smooth to a somewhat eerie extent. After a week, the price fell from 1U to 0.75U. Some people in the group started to lose sleep: "Is there no hope for this project?" The retail investors who couldn't withstand the psychological pressure started to sell off, cutting losses at 0.75U. The main players are taking their time, using order-dragging machines to absorb, and not even making a splash in the market data.

**Second move: Needle tip probing the bottom, reverse blood cutting**

At 2 AM, a thick black bearish candlestick shot down to 0.55U, and three minutes later, it was pulled back to 0.85U. The bottom-fishing army was thrilled, believing they had discovered a golden pit, and went all in. As a result, a counterattack hit, and the price was pressed down to 0.5U. All the buyers in this batch were liquidated, crying and screaming as they cut losses, with chips continuously flowing into the pockets of the market maker.

**Third Move: Public Opinion Bombardment, Faith Collapse**

Screenshots of "project party withdrawing funds" and "founder missing" began to flood Twitter, Telegram, and WeChat groups. The price subsequently plummeted to 0.4U. At this point, the faith of retail investors was already shattered, lining up to clear their positions. The big players sat in their offices, making one operation in front of the screen, collecting these blood-stained chips. The average price quickly dropped from the previous cost to 0.6U.

**Fourth Trick: V-shaped Reversal, Repricing**

When retail investors have all exited, a buy order of just 300,000 U can pull the price from 0.4 U to 0.9 U—an increase of 125%. The old retail investors look at this reversal and become even more fearful, unwilling to chase. However, the new retail investors enter at the high of 0.9 U and become the new gatekeepers.

At this time, the dealer's chips increased from 2.8 million to 4.5 million, the circulation pressure completely disappeared, and the market data was as light as a feather.

**What is the essence?**

The core logic of this entire process is "blood transfusion". It drives away the old retail investors with low costs and weak beliefs, and replaces them with a new batch of retail investors who have high costs and are afraid of losing money. The latter are bound by their own loss psychology, reluctant to cut their losses, allowing the operators to safely push up the market data.

Those who understand this game know: when others are cutting losses, it is the moment to take over; when others are chasing highs, it is the chance to quietly slip away. The market is always repeating this cycle, only the participants are changing.