Let's draw a standard trading trend and the underlying logic for everyone's reference. Everything is interconnected; for the market makers, there is only one trading strategy: sell high and buy low (minimizing costs to extract maximum liquidity).

The structure in the image below is the most basic; other trends are essentially variations of this trend, such as multiple rallies and distributions rather than just a single distribution (forgive my poor drawing skills; I've smeared ink everywhere, and after finishing the text, I went to wash my hands...)

Image 1: On-chain assets. Image 2: Secondary assets.