When the funds from hedging become the last source of profit in the market, the market has actually fallen into an extreme trough because the real trading users have disappeared completely, and killing hedging funds has become the only choice. The explosion of mnt and aia means that the opportunities for the remaining big fish to eat small fish are becoming less and less, and most small fish can only eat feces. In the era of per capita KOL agency, it has now become the era of per capita market makers. The once mysterious market makers are now on the streets. A good project appears, and hundreds of merchants are like crows watching the corpses pour out. The standard language for each market maker is: I will allocate $5-30 million for you to split 50% -70% of the backend. You don't have to pay anything, I'll take care of it Don't worry, we are all clean money, LP is all A-share/US stock/Southeast Asian consortium funds We have someone in Binance who collaborates with us to package alpha+perk At the same time, the trading techniques have become extremely unified If there is buying power at the opening, pour it in, and wait until it falls completely before accepting the goods If there are too many empty orders in the contract, I will explode; if there are too many orders, I will smash the market. Anyway, high control of spot goods cannot be lost, and you can still enjoy the contract rate A plate without liquidity and heat, wait for the next one Everyone knows that I have an offline drinking friend group with about 50 people. There are many top tier people you know in the group, and currently more than half of them have told me that they are market makers. And for the entire half month of November, I added 35 market makers to my address book. As we all know, on October 11th, a bunch of market makers suffered losses, and the result was a larger wave of market makers. Among the opportunities to choose the best from the worst, market makers may become relatively good opportunities. This is a terrible thing because market makers are a pure blood sucking business. These days, the heavy technical projects of ICP cars are all being pushed forward, which in my opinion is essentially a silent resistance from the market: 1. Oppose the technological nihilism brought about by meme; 2. Oppose market makers' manipulation of the market; It is unclear whether this opposition is effective, but it seems to point out the key to breaking the deadlock next - a new asset of technological narrative that early market makers cannot intervene in. This kind of thing used to appear, called inscriptions, and the decline of inscriptions was precisely because market makers began to intervene in inscription market making. There was once an institution called Inscription that harvested many people, and later this project issued a coin called myx.