Recently, the crypto assets market has witnessed another remarkable extreme event. XPL staged a thrilling price drama on the Hyperliquid platform: within just a few minutes, the price rose by 200%, followed by a sharp fall, leading to a significant number of short orders getting liquidated. Meanwhile, a handful of addresses profited greatly during this turmoil, reportedly with earnings reaching the tens of millions of dollars.

Such extreme market fluctuations often provoke strong reactions within the community, including emotions such as anger, regret, and schadenfreude. However, as participants who have experienced multiple ups and downs in the Web3 space, we should focus more on how to identify potential risks in advance.

Traditional research methods such as reading white papers and following social media trends are certainly important, but they often only provide surface-level information. In the transparent yet complex ecosystem of blockchain, the real game often takes place in less noticeable areas—especially the distribution of token holders.

Recently, I discovered a tool called Bubblemaps, which can be described as the 'on-chain mirror' of the blockchain world. The uniqueness of this tool lies in the fact that it does not engage in complex technical analysis or involve macro narratives, but rather focuses on one core function: presenting the distribution of token holders in an intuitive 'bubble chart' format.

In Bubblemaps, each bubble represents a coin holding address, and the size of the bubble directly reflects the amount of coins held by that address. This visualization method allows users to quickly identify large holders, whale accounts, and the concentration of token distribution. Through this method, investors can better understand the chip distribution of a project, enabling them to make more informed investment decisions.

In the rapidly evolving Crypto Assets market, mastering such tools undoubtedly provides investors with additional insights. It not only helps identify potential market manipulation but also offers reference indicators for the long-term healthy development of projects. With the continuous advancement of blockchain technology, analytical tools like Bubblemaps will play an increasingly important role in investment decision-making.