You have a company. It has 100 million shares, each priced at 1 TL. Therefore, the company’s total market value is 100 million TL. A fund comes in and buys 1% of the company’s shares—1 million shares—for 1 million TL. This fund acts as the market maker in crypto. What happens next? The share price is artificially inflated through buying and selling activity. Just by adding another 1 million TL, the market maker causes the share price to double. The share price, originally at 1 TL, is pushed up to 100 TL. The company’s market value now appears to be 10 billion TL. But what did the company or the coin actually do? Did it grow 100-fold? Did its production increase 100 times? Did its revenue or profits rise 100 times? If they had, then the coin and company would be genuinely 100x more liquid. But no. In our example, none of this happened. Only the share price increased 100-fold. The fund bought shares worth 1 million TL and then, by injecting another 99 million TL into trading, suddenly pushed the price to 100 TL. Now, the real issue begins. The fund’s 1% stake now appears to be worth 100 million TL. The fund announces incredible profits: “The coin did 100x!” :) Small investors see this and start pouring money into the fund. Hundreds of millions of TL flow into the fund. Speculation and manipulation begin. Word-of-mouth and ads create the perception: “We missed the 100x—don’t miss another 10x!” The mindset is: “If it already did 100x, how can it not do another 10x?” Money starts flowing into the coin. The fund uses this new capital to keep buying more shares of the same company—because small investors believe the price will rise another 10x. But now, the share price is no longer 1 TL—it’s 100 TL. Let’s say small investors poured 900 million TL into the fund. What does the fund do with this money? It buys another 9% of the company’s shares. To acquire this 9%, it pays exactly 900 million TL. Now, the fund owns 10% of the company. But who does it buy these shares from? 😘 Of course, from the other 99% of shareholders. So, for the fund as a whole, the total cost is now 901 million TL. The apparent market value of these shares is 1 billion TL. But what actually happened? The company’s production didn’t increase. Its revenue didn’t rise. Its profits didn’t grow. Yet, an additional 9% of the company’s shares—worth 900 million TL—were converted into cash. In total, 10% of the company was cashed out for 901 million TL. Who provided this money? Small investors! With money from small investors, shares of a company with zero real economic growth were bought and sold at a price inflated by a factor of 100. Now consider this: The fund holds shares with an apparent market value of 1 billion TL. But this is not cash—it’s illiquid. Why? Because that entire 1 billion TL has already been paid out to previous sellers—the ones who sold their 9% stake. The money is gone. For the fund or market maker to resell these shares at 100 TL—or even 200 TL—it must find buyers willing to pay that price. What if no buyers can be found? The fund’s apparent 1 billion TL in shares instantly collapses. The market value of those same shares drops to just 10 million TL—or even theoretically zero—because the entire 901 million TL has already been paid out. Done. Finished. A loss of 901 million TL. But what happened to the real cash—the 900 million TL that was converted when prices were high? That money was real. The fund’s portfolio, now valued at 1 billion TL based on inflated prices, was never backed by actual liquidity—it was only paper value. This is the crucial point to understand: An increase in share price does not equate to real economic value creation. When prices are artificially inflated without any underlying growth—and funds use inflated prices to buy massive quantities of shares—the wealth that was cashed out by early sellers is now a risk borne entirely by small investors. Moreover, as new investors see the fund’s returns and pour their money into the same shares, this cycle can continue for a while longer. But when new money stops flowing—or when investors decide to exit—the true liquidity becomes visible: zero.That is, zero. Because the 1 billion TL shown on the screen is not the same as the actual 1 billion TL that could be collected. That collection was initially made by small investors, and 9% was given to those who brought it in. Now, what should be happening, and what actually happens in real companies?👇👇👇👇