I recently read quite a few discussions about ZEC. To be honest, the risk of market manipulation by big players in such coins is indeed high. From a technical perspective, they have already sold off a portion of their holdings early on, but haven't completely exited — where's the problem? The buying volume is too thin. The entire market funds are locked up in other altcoins, and retail investors are struggling with being trapped and unable to chase higher ZEC prices. As a result, the big players hold nearly 90% of the chips, making it difficult to fully exit without risk.

This is the cost of taking an unconventional approach. In contrast, those stable-minded altcoin market makers avoid this tactic, choosing instead to follow the main market trend, which minimizes risk and ensures steady gains. The key is having sufficient liquidity to absorb orders, allowing them to cash out gradually and safely exit.

Now you understand — market makers actually face quite a challenge. They have to outsmart retail investors on one hand, and on the other, accurately judge the market direction. A moment of carelessness can lead to being eaten up by larger funds, ending up with total losses.

But don’t feel too sorry for the market makers. Everyone is fighting for survival in this market, and exchanges actually tend to protect retail investors more in this ecosystem. You see, when market makers make money, they usually take the majority for risk control, leaving only a small profit for continued trading. Retail investors, on the other hand, tend to reinvest all their gains, which provides a continuous flow of funds for the exchanges. Retail investors lack professional risk management systems and trading infrastructure, so when they cut losses, it’s actually not beneficial for the exchanges. Logically, exchanges prefer retail investors to stay alive. Major exchanges’ coin listings are usually carefully vetted by professional teams, filtering out many bad market makers and junk coins. But given the current market conditions this year, no one can do much about it. In comparison, the advantage of centralized exchanges’ mechanisms becomes evident — decentralized exchanges are far behind in coin vetting.

The market is always right. Don’t blame the sky if you suffer losses this year. Everyone is wading through muddy waters. Hopefully, 2026 will deliver a satisfactory performance for everyone.

By the way, here’s a coin selection tip — if you really want to chase those hundredfold returns, avoid coins crowded with retail investors. These coins tend to have high short-term speculative capital and are not touched by long-term market makers. They are mostly retail pump-and-dump schemes, with future gains depending entirely on luck. If you insist on chasing high multiples, choose coins with fewer retail investors; market makers can easily manipulate and control these, increasing the chances of a real breakout.