The day before yesterday, a friend asked me: "This project has experienced a significant pullback, and it feels like the fundamentals are collapsing. Should I cut my losses?" My answer was very straightforward: "Don't rush to sell. Eight or nine times out of ten, it's just the big players shaking out the retail investors at the tail end."

This kind of situation is seen too often in the community. Today, I will thoroughly explain the logic behind the market makers' control to help everyone understand why short-term fluctuations shouldn't be a reason for panic.

**Four-Stage Theory: Why You Can't Just Make One X**

Market makers' goal has never been to make a few times profit and then run. They aim for tenfold, twentyfold returns. To achieve this, they must go through four stages: accumulation, shakeout, rally, and distribution. Many projects are currently in the shakeout phase after accumulation. From perpetual contract volatility to spot market fluctuations, smart money has already quietly accumulated chips. But that's not enough—they need to use a round of correction to thoroughly shake out retail investors with unstable mindsets.

**Circulating Supply Control: The Hidden Manipulation Tactic**

There's an industry secret everyone knows but doesn't talk about openly: projects backed by top platforms, before launching spot trading, undergo strict reviews, especially regarding token models and circulating supply. I've looked at data from many such projects and found a common pattern: the actual circulating chips are often far below the officially announced numbers. By precisely controlling the real circulating supply, market makers can easily control the price rhythm. Looking at this project's trend curve, you can feel the "tangible hand" behind the price fluctuations. For such deeply controlled targets, how can they only rise by one X and then end?

**Institutional Entry: The Direction of Incremental Funds**

Let's also look at the broader environment. Institutional funds are continuously flowing into the crypto market. The incremental capital brought by Bitcoin spot ETFs will inevitably create waves, flowing into high-quality altcoins with platform backing and community enthusiasm. These projects naturally become the focus of institutional attention. The current pullback is actually laying the groundwork for a larger rally ahead.