Recently, the topic of "market maker" has sparked widespread discussion in the crypto world. As an industry observer, I would like to share some personal insights.

First, we need to understand that market making essentially follows the same logic as secondary Bitcoin on-chain data analysis. Bitcoin analysis mainly focuses on multiple dimensions of information such as long and short term holders, centralized exchange reserves, miners, etc. In contrast, market making pays more attention to the address data of whale accounts.

In on-chain analysis, we attempt to identify which addresses belong to market makers and which may be large retail investors. However, this is not an easy task. Simply buying a large amount of tokens at a certain price does not define an address as a market maker. The operations of true market makers typically exhibit characteristics of teamwork and matrix organization. These groups of addresses usually start to buy in batches during the early stages of the project, gradually building their positions.

After the price rises, you will find that most of the top 100 holding addresses may belong to these market makers. Projects that can undergo sideways consolidation often have strong players manipulating them behind the scenes.

However, we should not blindly trust所谓的 "扒庄" analysis. Most of the claims about discovering chip concentration and imminent rises are unreliable. Real market makers do not reveal their intentions in advance. Moreover, once the market focus shifts or Bitcoin crashes, these market makers often quickly take profits and withdraw, leaving followers only able to follow the large bearish candles.

Taking Ani as an example, its rebound does not require excessive interpretation of address data. All tokens that were once popular usually experience at least one doubling rebound after a rapid decline. The strength of the rebound is highly related to the Bitcoin trend and market narrative.

The main players cannot completely clear out at the peak during the first surge. They usually test the high position 1 to 3 times and gradually release their holdings, which makes logical sense.

Therefore, it makes sense to consider the analysis of market makers alongside the market narrative. However, we must also be cautious of overinterpretation to avoid falling into misconceptions. In this complex crypto world, maintaining rationality and caution is always a wise choice.