Looking at the participation data of those trading competitions, the estimated scale is around 300,000 people. It looks lively, but a closer look reveals a sophisticated game of利益分配 (profit distribution).

On the surface, the market makers use various elaborate activities to "support the market," and retail investors are grateful. But what’s the reality? The pressure has not disappeared; it has been cleverly shifted onto the hundreds of thousands of participants sweating it out. Exchanges and market makers, through this mechanism, have completely socialized the risks and costs.

Who is paying the price? At least two groups are struggling here. One group consists of investors who originally used hedging strategies; after getting caught, they are forced to join this crazy volume-faking competition to break even—these people have no way out. The other group is the followers who rush in driven by discussions on forums and leaderboards, purely brainwashed by the rhythm.

The final situation is a distorted internal competition: for that meager ranking reward, participants are forced into a dead end of "continue faking even at a loss." People push and shove, the volume keeps increasing, but the returns become increasingly thin.

And on the other side of the code? The market makers count their money until they are exhausted, and exchanges watch trading volume and fees with glee. Only a few who see through the entire logic manage to withdraw at the right moment. As for the majority? They are just fuel consumed in this grand feast.