This article analyzes the operational logic behind the Binance Alpha bull run from a market maker's perspective. In the current market environment, an obscure project can often achieve multifold gains within a short period. The core driver has shifted from "narrative-driven" to "capital-driven." Division of Labor: Alpha vs. Prep The Alpha platform provides a natural attention pool and an initial user base, serving as the critical stage for market makers to accumulate and build positions. Prep...

This article analyzes the operational logic behind the Binance Alpha bull run from a market maker's perspective. In the current market environment, an obscure project can often achieve multifold gains within a short period. The core driver has shifted from "narrative-driven" to "capital-driven." Division of Labor: Alpha vs. Prep The Alpha platform provides a natural attention pool and an initial user base, serving as the critical stage for market makers to accumulate and build positions. Prep...