There was no trading competition before, and most of the tokens were used for trading competitions later, so the number of people counted is overestimated.

The selling ratio of the Binance Alpha airdrop has indeed seen a significant decline, dropping from an early 65%-80% to the current 20%-30%. This phenomenon may be attributed to several factors:

### 1. **Increased Alpha Points Threshold, Participants More Inclined to Hold Long-Term**
- The early Alpha airdrop had a low threshold (e.g., 137 points), with many participants being short-term arbitrageurs who tended to sell quickly.
- Now the threshold has soared to 233 points, significantly increasing the cost of accumulating points (e.g., daily trading of $32,000 is required to meet the standard), leading participants to be more inclined to wait for higher returns rather than cashing out short-term.

### 2. **Improved Project Quality, Higher Market Expectations**
- In the early stages, only about 10% of Alpha projects were listed on Binance Spot, but recently some projects (e.g., Skate, Resolv) have raised significant funding and have strong technical backgrounds, making the market more optimistic about their long-term value.
- For example, Skate (SKATE) raised $4.75 million before its launch and integrated with the EigenLayer ecosystem, leading some users to choose staking instead of selling.

### 3. **Automatic Staking Mechanism for Airdrop Tokens**
- Some projects (e.g., Resolv) have a default automatic staking mechanism for airdrop tokens, with a 14-day cooling-off period, resulting in reduced short-term market selling pressure.
- Similar mechanisms may be adopted in other Alpha projects, suppressing early selling behavior.

### 4. **Changes in Market Sentiment and Strategies**
- The early Alpha airdrop returns were high (e.g., a single NXPC return reached 764U), but recent returns have generally dropped to 50-100U, with some users possibly opting to wait for higher growth.
- Some "studios" or large holders adopt multi-account strategies, potentially manipulating the market through long-term holding instead of quick cashing out.

### 5. **Upgraded Risk Control by Binance, Reducing Selling Pressure from "Point-Cheating Bots"**
- Binance has recently strengthened risk control to combat automated point-cheating behavior, leading to a reduction in short-term selling from "bots".
- The proportion of real users has increased, who are more inclined to hold long-term or participate in subsequent governance.