Over the years in the crypto world, I've seen too many ups and downs, and gradually I’ve figured out one thing—the core logic of the market maker’s shakeout script never changes, no matter how the market fluctuates. Recently, a certain coin’s move was almost textbook-level, and beginners should especially take a look.

**Stage One: Forcing Despair**

The coin price dropped from 1.2U all the way down to 0.9U, with trading volume visibly shrinking. The community was full of voices saying "it’s going to zero," retail investors couldn’t handle the psychological pressure and started selling off. But on-chain data showed large addresses quietly accumulating. The brilliance of this step is—what’s really being sold off isn’t the price, but the retail investors’ psychological defenses.

**Stage Two: Creating False Hope**

Suddenly, a big bearish candle crashes down to 0.7U, catching retail investors off guard, and the price quickly rebounds to 0.95U. When a V-shaped reversal appears, many start shouting "this should be the bottom," and a large number of people follow suit to buy the dip. But what happens? The market maker takes advantage of this enthusiasm to dump again, causing the price to plummet past the previous low to 0.65U. Those who just bought the bottom suddenly go from heroes to bagholders.

**Stage Three: Panic Selling to the End**

Negative rumors keep surfacing—project team "went dark," large holders "dump and exit," and the coin price crashes straight to 0.5U. The market is filled with despair, and the comment sections are full of surrendering voices. But if you look at on-chain data, several key addresses are heavily accumulating at the bottom—this is the market maker’s final harvest, completing their position at the lowest cost amid extreme panic.

**Stage Four: Reversal and Transformation**

When everyone thinks the game is over, the market maker gently pulls the price back, pushing it toward 1U. Those who sold in panic regret it, those waiting on the sidelines rush to chase the rally, new funds flood in, and old chips are quietly offloaded—this completes a perfect round of chip reallocation without anyone noticing.

**What is the essence?**

Shakeouts are never about grabbing coins; they’re about "changing people"—driving out low-cost old players and replacing them with high-cost new ones. The sharp decline looks like doomsday, but in reality, it’s the beginning of chip restructuring. The more the price drops, the more terrifying it seems, which actually indicates that the accumulation is getting closer to completion. Understanding this routine is key to avoiding being led around by the market’s nose.