Author: Aunt Ai
Compiled by: Odaily Planet Daily
Editor's note: Market makers are an important part of the crypto world, providing liquidity to the market, but they also hold the "power of life and death" over the rise and fall of coin prices. Crypto KOL Ai Yi published an article analyzing the market making of the seven major market makers in this round of bull market from the aspects of capital volume, position changes and market making style. Odaily summarizes it as follows:
The homework that I have been urged to do for half a year has finally arrived.
Summarize the market making situation of the seven major market makers Jump Trading / Wintermute / Amber Group / DWF Labs / B2C 2 / GSR Markets / Flow Traders in this bull market.
Wintermute Four Kings participation rate 100%
DWF Labs enters the Meme track and TON ecosystem in a high-profile manner
Amber and Flow Traders activity increased significantly
Written in front
As usual, in order to improve data accuracy, only the publicly verifiable market-making projects counted in the picture are selected. If there are omissions, please add them in the comment section.
Market maker funds
As of 2024.06.27, the ranking from high to low according to the amount of funds on the chain is:
1. Jump Trading: $673 million
2. Wintermute: $475 million
3. GSR Markets: $86 million
4. Amber Group: $50 million
5. DWF Labs: $41 million
6. B2C 2: $37 million
7. Flow Traders: $3.9 million
Here are some key points:
Wintermute: The participation rate of the Four Heavenly Kings is 100%
Wintermute is present in almost all high-market-cap tokens in this bull market. Among the four kings (OP / ARB / STRK / ZK), except ZK which lacks clear data support, he participates in market making for the others and has a huge number of tokens.
In addition, Wintermute has become Robinhood’s second largest market maker, accounting for 10% of its trading revenue.
Over the past six months, there have been two obvious changes in Wintermute's large holdings:
1.2023.11 The TOP1 ranked $ARB holdings have decreased sharply (39.73 million > 2.57 million). Correspondingly, you should often see information about ARB being recharged into the exchange, haha.
2. As an ENA market maker, Wintermute holds $16.29 million worth of related tokens (10.01 million USDE + 6.28 million ENA).
GSR Markets
Rumor has it that he is “Binance’s official market maker”, and his recent market-making participation in the Launchpool project is indeed quite high.
It should be noted that $WLD, which was previously ranked No. 1 in GSR’s holdings, has decreased by nearly 87% (13.06 million > 1.66 million), and was replaced by $GALA, which currently still holds $9.88 million in tokens, with almost no change in more than half a year.
DWF Labs: High-profile entry into the Meme track and TON ecosystem
DWF is undoubtedly the most active market maker in this bull market - it pushed a number of altcoins such as FET/JASMINE to rise rapidly in early February, and when Meme exploded in May, it officially announced investments in projects such as FLOKI/TOKEN/GME, and was deeply involved in the Ton ecosystem.
They really don’t miss any hot spots and make the “VC + MM” model very successful.
Amber Group & Flow Traders
These two market makers may not be as famous as the above three, but their presence has been very strong in recent months, especially Amber, which has participated in popular narratives such as liquidity staking/L2/interoperability protocols.
Amber currently holds $12.74 million of ZRO, while the top holdings of Flow Traders are BTC/ETH and UNI/MKR, the main narrative DeFi tokens of the previous bull market.
Specific positions of other market makers
The amount of funds of most market makers has shown a significant increase. In addition to the factor of "exchange funds flowing to the chain", the hot market in the first half of the year also made MM make money. For example, GSR publicly stated that "revenue in the first half of the year increased by more than two times year-on-year."
For those who are interested in holdings, please see the Arkham dashboard for details, which I will not expand here: https://platform.arkhamintelligence.com/dashboards/view?dashboardID=77ad9d95-8d52-4958-a6ab-1c807db155f2
