"The Seed Round Investor"

These individuals don't buy tokens on public exchanges (like Binance or Indodax). They operate behind the scenes. They enter very early through special connections (Private Sale or Seed Round) at prices well below market value. Their primary concern isn't the daily price, but rather the token unlocking schedule (vesting schedule). For them, the retail market (the general public) is the "liquidity exit," or the party that will buy their tokens when the price soars.