Jeff is in the early CZ phase building, growing adoption, and laying foundations. Hated Hyperliquid rally is coming
I do dislike him and his whole chain, but for many more reasons than just this one. What people need to understand is that CZ has evolved because he understood the game of money. It’s not something anyone wouldn’t do if you or I were in his position, we’d probably do the same.
When everything started, the early exchanges and big players who got in first had a huge advantage. They bought early and ended up holding most of the supply across the board. Back then, their main interest was to appear as the “good guys” forming partnerships, building products, expanding globally, and pushing crypto adoption. At that stage, it was necessary to play the good card for the market to grow.
But things have changed. These players have matured and fully understand the game now. Their current interest is to extract as much liquidity as possible. As more major players enter the space, the markets are set up to pump allowing those who hold the majority of the supply to lend or sell it at higher prices.
Look at Bitcoin or Ethereum, for example. As institutions increasingly position themselves in these assets, the supply on exchanges has decreased, making them harder to manipulate. So, exchanges want to sell to new players while prices are high. On the other hand, for altcoins where there’s little institutional interest exchanges and early holders still control most of the supply. This means they can move prices however they want until new demand comes in.
In short, this is what maturity in the space looks like. These people understood the game long ago and no longer care about community sentiment or project fundamentals. Their job is to extract as much money as possible for as long as they can until new players enter and take their place.
It’s never a question of if it’s a question of when. For this market to evolve, new participants must always come in: new institutions, new retail investors, and new liquidity.