Many people haven't understood the underlying logic of the event last night when XRP was precisely hunted for 230,000 USD on a certain trading platform, and some complain that the 1 million USD pump only earned 230,000 USD, feeling it's not worth it.

In fact, this is an asymmetric game among experts. Let me break down this purely technical harvesting strategy:

**First Layer: The Referral Bonus Trap**
A certain trading platform offers a rebate mechanism to attract trading volume. 15——(Note: The original text is incomplete here, but the core logic is that the platform designs the rebate structure to guide retail traders to trade frequently, creating an illusion of liquidity).

The institutional players are well aware of this mechanism. They know which price points will trigger stop-losses, when retail traders will chase the rise, and when the rebate structure will fail. This is an information gap.

**Second Layer: Liquidity Hunting**
The 1 million USD pump seems grand, but the target is very precise—sweeping floating chips within a specific price range. Once retail stop-loss orders are eaten up and liquidity dries up, they can build positions at a lower cost.

**Third Layer: Time Advantage**
Exchange platforms have predictive mechanisms for large traders' behaviors, allowing them to lock in liquidity depth in advance. Retail traders look at the order book, but institutions see the deep data flow.

So, 230,000 USD is not a loss but the cost of this hunt—the "tax" paid to take out a larger market position. This is an advanced gameplay in the market.