The recent market situation is indeed quite daunting. ZEC has been on a continuous pump without any pullback, while the whipsaw of SOL has left retail investors in a tough spot. The AI zone changes daily, and shitcoin has simply gone flat. On the surface, the market seems chaotic, but in reality, it is the result of a carefully orchestrated rotation by the market makers. Today, let's break down the logic behind their operations and see clearly where the money is flowing.

**Market Landscape: It Appears Chaotic, But Underneath Lies a Turbulent Current**

In the context of market fluctuations, certain sectors are exhibiting notable resilience.

Privacy coin leader: ZEC has surged over 37% against the trend, with on-chain market maker addresses continuously increasing their holdings. This is a typical signal of capital hedging + early positioning. The tighter the regulatory environment, the more prominent the demand for privacy becomes, and the market's capital is very sensitive to this.

Public chain ecosystem resilience: Although SOL has experienced several rounds of Whipsaw, the weekly support remains solid. The trading volume of DeFi and NFTs continues to grow, and there are no signs of decline in ecosystem activity; the actions of market makers accumulating coins are very obvious.

The probing of the AI zone: Small-cap coins like COTI and FET are frequently experiencing unusual movements, with intraday volatility exceeding 30%. Funds are repeatedly testing the market's enthusiasm for these narratives.

Why do these zones move first? Market makers never operate randomly; they follow a "risk progression from low to high" logic—first pumping those zones with solid technical support and strong topical heat (privacy, AI), and once the sentiment opens up, they expand to ecosystem public chains, and finally to those purely driven by emotions, Meme coins.

**The explosion sequence of the altcoins designated by the market makers**

The first lineup consists of those with technical depth: privacy coins (ZEC, XMR) are becoming more valuable as regulations tighten, and ZEC has recently seen increased holdings from Grayscale Trust and a technical upgrade catalyst. These types of coins have real demand support and are not easily wiped out by a single Whipsaw.

The combination of AI and public chains is also gaining momentum - the application development of the SOL ecosystem has not stagnated, but is instead accelerating. Although the market looks like a Whipsaw, the essence is that the market maker is accumulating at low levels.

It can be said that the rhythm of this market trend is very strong, with each zone interpreting its own story according to the sequence set by the market maker. Understanding this logic will prevent one from being misled by the short-term fluctuations of the market.