There is an interesting phenomenon worth paying attention to — a certain mainstream token has a total circulating supply of only 80,000 coins, and based on the current market price, its full circulation market cap is only in the tens of millions level. There is a question here that needs to be considered: if we look back at its history, when the whales pushed the price above seven thousand dollars, the entire market cap was only a few billion.

From this perspective, reverse deduction becomes very interesting — what is the logic behind such operations? If it ends just like that, it’s hard to explain. Either it’s purely to liquidate early holders, or there are other considerations behind it.

Traditional whale strategies are usually like this: accumulate chips → drive up the price → sell off and exit. But now the problem is, from the historical high to now, if there is no subsequent major market movement, the overall profit from such operations is limited.

In this situation, the market generally has two possibilities: either market sentiment is still in the incubation stage, waiting for new catalysts; or participants have divergent expectations for the future market. For small-scale participants, understanding this logic is actually more important than blindly following the trend.