A recent interesting phenomenon has emerged in the crypto market—some leading exchanges have achieved a "cornering the market" through a seamless set of operations, effectively overtaking competitors. Many seasoned on-chain players and industry insiders have changed their strategies accordingly. The logic behind this is worth examining.

This counterattack is not accidental but the result of a series of precise strategic layouts. Every step hits the market's pain points.

First is the advantage of taking the lead in the race. While other platforms are still repeatedly reviewing, it has already shifted its focus to potential projects that are "not yet popular but promising." While others hesitate, it has already entered the market. This rapid response capability directly secures the first-mover advantage.

Second is the combined strategy of trading products. It first opens the user gateway through futures trading, then captures traffic with spot trading, and further optimizes liquidity through concentrated token holdings. As a result, the convenience of dual-track futures and spot trading makes it difficult for users to migrate—after all, the appeal of a one-stop trading experience is significant.

Next, let's look at the operation of hype. It closely follows market topics, participating in whatever is trending, and takes over popular tags like grassroots culture and community narratives that carry their own traffic. More importantly, it creates price surges in small-cap projects—these projects already have limited liquidity, and concentrated operations tend to amplify volatility. Once the price increase exceeds 5 times, FOMO is fully triggered, and the original skeptics instantly become participants.

The 1-2M market cap segment of small projects is becoming the incubation ground for the next wave of hotspots. Based on recent operational signs, this micro-market remains a key focus for platforms. This phenomenon reflects that projects which find a balance between liquidity and narrative tend to attract the most attention.