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Regarding the market performance of a certain project's spot listing, it's worth a deep analysis of the underlying chip flow.
The selling pressure that emerged in the early stages of listing mainly comes from two forces: one is early supporters or institutional participants of the project who sell immediately upon the spot listing, which is a typical "profit-taking"; the other is retail investors who lack confidence in the project's prospects and quickly cut losses and exit. The combination of these two selling pressures indeed creates a clear downward selling pattern.
However, this process is essentially a redistribution of chips. As these floating chips are gradually absorbed by large investors or institutions, the market's chip structure will gradually stabilize. Personally, I remained cautiously bearish when the project first launched, but once the initial selling pressure is fully released and trading volume begins to shrink, it may instead become a new observation window. After all, an increase in chip concentration often breeds the possibilities for the next phase.