In the complex ecology of the coin circle, big players play a highly influential role, consisting of market makers, teams holding large amounts of a single coin, project parties, and exchanges. More often than not, multiple stakeholders unite to form a powerful controlling force, as relying solely on one party to operate is often fraught with difficulties. The process of a big player controlling the market typically presents as: Analysis → Accumulation → Trial Trading → Consolidation → Initial Rising → Washout → Lifting → Exit → Rebound → Crash → Cycle. However, not all processes are essential; different big players may omit certain links based on their own strengths and strategic preferences, and their operating methods vary.
One, Preparation Phase
Before big players or market makers decide to get involved in a certain coin, a comprehensive and in-depth information gathering war quietly begins. They act like precise detectors, not missing any detail of the project: accurately counting the total amount of chips and their unlocking dynamics, deeply analyzing the holding costs of investors at all levels, meticulously measuring the degree of chip dispersion, and comprehensively assessing community enthusiasm. Once all information is collected, they anchor an ambitious lifting target based on the amount of funds they can allocate, much like sailors meticulously planning their route before setting sail.
Two, Accumulation Phase
Accumulation is by no means a blind act; the big players will conduct multi-dimensional research beforehand, from the market sentiment fluctuations of participants in the coin circle to the ups and downs of BTC market trends, as well as the changes in the macroeconomic situation and the potential risks of policy direction, all of which fall within their scope of scrutiny. The timing choices are exquisite; they prefer to quietly enter the market when pessimistic sentiment prevails, the confidence of retail investors collapses, and the prospects for the target coin are bleak, as the saying goes, 'When retail investors are fearful, big players are greedy.'
Different strengths of big players lead to vastly different accumulation layouts. Short-term big players who control 10% - 30% of the chips can flexibly operate and stir up local market waves; long-term big players aim for the long haul, often holding more than 40% of the chips to firmly occupy the fishing platform; when facing high-risk, high-volatility coins like meme coins, big players are even more cautious, as they must hold more than 80% of the chips before starting to lift the market, and all of this ultimately depends on the depth of the big players' strength. Moreover, high-level accumulation is by no means the first choice for big players.
Their accumulation methods can be described as a brilliant 'tactical showcase':
- Negative Absorption: Once negative news arises in the coin circle, such as sudden technical faults in the project or rumors of stricter regulations, the big players take advantage of the situation, severely suppressing the coin price, causing panic selling in the market, while they open their 'big mouths' at low levels, swallowing up cheap chips.
- Empty Trap: With superb technical means, a false impression of the coin price decline is artificially created, confusing retail investors into selling off, while the big players quietly absorb at low levels, completing their accumulation layout silently, resembling a silent 'dark war'.
- Huge Volume Buyers: In a short period, concentrated strong funds flood into the market to buy a large amount of target coins, causing the trading volume to soar instantly, attracting many follow-up investors, while the big players secretly collect chips amidst the hustle and bustle.
- Rebound Stockpiling: When the coin price rebounds after falling, the big players seize the opportunity, gradually buying in, cleverly utilizing the psychology of some investors eager to break even or take profits, quietly expanding their positions and reaping the benefits.
- New Project Ambush: If major technical upgrades, new application scenarios, or strategic collaborations are expected for the projects associated with the target coin, the big players will lay out their plans in advance, like lurking cheetahs, waiting for the right moment to strike.
Three, Trial Trading Phase
At this time, the big players act like careful testers, gently lifting or slightly suppressing the coin price in a small range, keenly observing every move in the market: the activity level of buying and selling, subtle changes in trading volume, the distribution of pending orders, and slight fluctuations in investor sentiment, thereby accurately understanding the lock-in degree of chips, the strength of follow-on buying, and key intelligence such as resistance and support levels, providing crucial basis for fine-tuning subsequent trading strategies. However, trial trading is not a one-size-fits-all routine; some seasoned and perceptive big players may skip the trial trading phase based on years of accumulated intuition and experience, directly launching the lifting phase or flexibly choosing other operational paths based on real-time situations.
Four, Consolidation and Volatility Phase
The consolidation phase is like the calm before a storm, seemingly uneventful while actually brimming with undercurrents. Its core purpose is to optimize the chip structure and accumulate immense energy for the subsequent powerful attack. Based on the position of the coin price, it can be subdivided into low-level, mid-level, and high-level consolidation. On the stage of price trends in the coin circle, rising, falling, and consolidating alternate, while consolidation often occupies a significant amount of time. During this period, the coin price fluctuates gently, and the direction seems shrouded in fog, causing investors great anxiety and testing the patience of retail investors. However, the big players take advantage of this opportunity, quietly consolidating their holding costs and clearing out those indecisive floating chips, like a patient hunter quietly waiting for the best opportunity to lift.
Five, Initial Rising Phase
After completing a series of careful preparations, the big players finally unveil the initial rising market, moderately and steadily lifting the coin price, like lighting a bright lamp in the night sky of the coin circle, instantly attracting attention from all market participants, igniting the enthusiasm of outside funds for entry, cleverly reducing resistance for subsequent large-scale lifts. However, to prevent early exposure of strategic intentions, provoking a trend-following frenzy and alerting regulatory scrutiny, the initial rising amplitude is strictly limited, and afterwards, they will strategically allow the coin price to slightly retreat, like a well-played 'wanting to capture but letting go', clearing out those desperate for profit and with unstable foundations, thereby laying a solid foundation for the subsequent soaring rise.
Six, Washout Phase
The name 'Dog Dealer' is fully revealed in this phase. After accumulating a certain amount of chips, to drive away the 'mob' following the trend and force early holders to obediently sell off, the big players use ruthless means, adopting strategies to suppress the coin price. On one hand, they can greedily absorb more cheap chips at low levels, continuously reducing their holding costs; on the other hand, they ruthlessly eliminate weak-willed retail investors, significantly reducing selling pressure during subsequent lifting processes, creating favorable conditions for a graceful exit at high levels in the future.
Seven, Lifting Phase
After a series of 'combined punches' such as earlier accumulation, trial trading, and washout, the power of both bulls and bears in the market quietly changes, achieving a high degree of unity to a certain extent. The big players hold a large number of chips, like generals controlling the situation, stabilizing the market. At this time, the coin price rises like a boat sailing smoothly on the water, unstoppable. During the lifting phase, the coin price rises rapidly like a rocket, as the big players cleverly manipulate market heat, precisely control technical indicators, and timely release favorable news, attracting countless investors to follow suit and buy, pushing the coin price to rise sharply and frequently hit new highs, achieving substantial profits for themselves.
## Eight, Selling Phase
'Knowing how to buy is a disciple, knowing how to sell is a master,' this proverb is vividly reflected in the coin circle, as selling is the ultimate goal for big players. Only by successfully distributing the chips in hand can they turn paper profits into actual cash. To achieve this goal, the big players spare no effort: creating a false appearance of prosperity in the market, leveraging the powerful influence of media discourse to guide investor sentiment, frequently conducting fake transactions with related accounts to create a hot atmosphere of unusual market activity, step by step enticing unsuspecting investors to willingly take over, ensuring a smooth selling process.
Nine, Rebound Phase
The road of coin price decline is not a straight drop; it is often accompanied by brief rebounds, which is the rebound phase. When big players sell off, causing the coin price to drop near the profit line, on one hand, some investors' 'bottom-fishing' psychology stirs; on the other hand, big players, due to their own need to sell off the remaining few chips, will slightly lift the coin price, creating an appearance of an enticing rebound. However, this is often just a fleeting illusion, and after the rebound ends, the coin price is highly likely to continue to drop, even falling into deeper lows and hitting new lows. If investors rashly 'bottom-fish', they may easily fall into an irretrievable trap, so in the market manipulation process, the rebound phase is relatively secondary, and some targets may not even experience this process.
Ten, Crash Phase
This stage is divided into two scenarios:
- Passive Selling: Once faced with sudden negative news, such as significant technical vulnerabilities being exposed, internal disputes within the project party intensifying, or regulatory policies taking a sharp turn, the market instantly plunges into a frenzy of panic selling. To reduce losses, the big players may be forced to crash the market. This crash could lead to the big players completely abandoning the market or, after the crash, calmly seeking low-priced accumulation opportunities, attempting to regain control.
- Crash After High-Level Selling: After successfully offloading at high levels and making substantial profits, the big players will, to further squeeze the market bubble or due to strategic layout considerations, ruthlessly initiate a crash mode, causing the coin price to plummet and leaving the market in despair.
In summary, regardless of the type of big player, the fundamental principles remain the same—accumulation, lifting, and selling are always the most basic 'three movements' of market manipulation. In the coin circle, investors must always stay clear-headed and think from the perspective of the main players to find a glimmer of hope in this ever-changing market. After all, while the coin circle may see shifts in speculative sectors, price fluctuations, and changes in participants, the human emotions of greed and fear have never changed; history is always repeating itself.