In a bull market, pricing power determines the upper limit of asset (not just cryptocurrency) prices, while valuation only determines the lower limit.

For example, a listed company has fundamental support (valuation), and no matter how much it is sold off, at a certain point, someone will buy because there are dividend-paying assets, corresponding assets per share, and business cash flow.

Cryptocurrencies are different; they are air, most cryptocurrencies are worthless, lacking ownership agreements, and the so-called governance rights are, in most cases, not true decision-making power and do not generate economic benefits.

For cryptocurrencies with the same market capitalization, if the whale keeps selling, there will ultimately not be enough funds to take over, which is why the 'tradable market value' is different.

Thus, the price of cryptocurrencies is determined by pricing power, which is influenced by the chip structure.

Specifically, who holds the coins?

If the coins have been washed for a long time and most of the chips are in the hands of the whale, then they can pull the price as high as they want. So, the longer the horizontal, the higher the vertical.

For retail investors who are trying to catch the falling knife, the cost is always extremely high, and most certainly cannot hold on. If someone has a large position and tries to catch the falling price, they will just hand the market over to you. Many big players often flip the market after building heavy positions, and this is how it happens.