Have you ever wondered why it always drops when you enter the market and rises when you stop out? This is not a matter of luck, but because you haven't seen through the true intentions of the market makers.

Today, we will dissect a common manipulation tactic—let's call it the "Three-Stage Pump and Dump Method." This approach repeatedly appears in the crypto market, and understanding it can help you avoid many pitfalls.

**Stage One: Pump to Create Excitement**

The market maker suddenly surges the coin price, with a large bullish candle appearing out of nowhere, and the community starts to buzz. Various KOLs begin shouting buy signals, and as you watch the market performance, you think this is the start of a rally. But what happens next? You buy in, and the market maker starts to unload at the high. The most deadly part of this move is that it triggers FOMO—seeing others make money, you rush in without much thought.

**Stage Two: Dump to Trigger Panic**

A bearish candle breaks through support, followed by continuous declines, and stop-loss orders get liquidated one after another. You see your holdings shrink and your mindset collapses, leading you to give up and clear your position. Unbeknownst to you, the market maker is quietly accumulating at the low. This washout completes the cycle, turning retail panic into the market maker’s profit.

**Stage Three: Reverse Surge**

After shaking out retail investors, the market maker immediately reverses the trend, causing the price to skyrocket. By this time, you are already on the sidelines, only able to watch the missed gains. The role of the bagholder has now fallen to you.

From market observation, this tactic is very obvious in the ENA trend. Starting from the 3180 level, then rushing to 3600, the entire process follows this script. Those who understand this logic can act accordingly; those who don’t are forever chasing highs and selling lows.

What’s the key difference? Recognizing the market rhythm and the intentions of the main players. It’s not about complex technical indicators, but about understanding supply and demand, chip distribution, and psychological game theory. While others are guessing blindly, clear-minded participants have already seen through the rhythm.

By understanding these three stages, you can shift from being the one cut in the market to the one profiting from it. The crypto market is always replaying this story; the only difference is the participants and the coins involved, but the tactics remain the same.