Preface

As the cryptocurrency market gradually develops and matures, the role of market makers in the cryptocurrency market has become increasingly important. They not only provide liquidity, but also play one of the key roles in price and market stability.

Among many market makers, GSR Markets is one of the most trusted and followed liquidity providers and multi-stage investors in the cryptocurrency market. With their rich experience in the Canadian currency market, they provide over-the-counter transactions, derivatives and market making services to meet customer needs in different fields.

In this article, we will delve into the operating logic of GSR Markets, its potential impact on the market, and whether there are signs that it can be regarded as a "top escape indicator." Through a detailed analysis of its recent market performance of GSR Markets, we will provide We reveal his true face.

background

GSR Markets was founded in 2013 by former Goldman Sachs quantitative traders Cristian Gil and Richard Rosenblum. The company is headquartered in Hong Kong, with offices in London, Zug, Switzerland, Tokyo and New York. GSR Markets is one of the world's leading cryptocurrency market makers and trading companies. It provides liquidity for various cryptocurrencies and is traded on multiple major exchanges.

GSR Markets business content

As a market maker for cryptocurrency, GSR Markets’ main responsibility is to provide liquidity to the cryptocurrency market, specifically:

1. Provide market depth: By placing orders between buyers and sellers, the bid-ask spread is narrowed, making it easier for other market participants to conduct transactions.

2. Stabilize prices: During periods of market volatility, balancing supply and demand by buying low and selling high can help reduce violent price fluctuations.

3. OTC services: Provide over-the-counter trading services for large transactions to avoid excessive impact on the market.

GSR Markets team background introduction

GSR Markets team members include:

Rich Rosenblum (Co-Founder and Co-CEO)

• Managed energy trading teams at two New York hedge funds

• 11 years at Goldman Sachs as global head of crude oil and derivatives trading

• B.A. in Mathematics from Columbia University

Xin Song (Co-CEO):

• Xin Song is co-CEO of GSR and is based in Singapore

• More than 10 years of experience in traditional finance, including investment manager at BlackRock

• Founded cryptocurrency derivatives hedge fund Magpie Capital and joined GSR in 2019

Jakob Palmstierna (President):

• Former Head of EMEA Business at Two Sigma Investments

• Director of Two Sigma International

• Previously worked at Winton Capital Management and Barclays Global Investors

Cristian Gil (Chairman) :

• Worked as a commodities trader in the New York office of Goldman Sachs for 9 years

• Managing portfolios in technology, real estate, hospitality and media sectors

• Economics degree from Massachusetts Institute of Technology (MIT)

John MacDonald ( CTO ) : 

• 10 years at J.P. Morgan

• Served as Managing Director of the Global Electronic Market Making Technology Group

• Career started at Goldman Sachs

• Mathematics and Computing Degree from the University of Oxford

• Eva Sanchez (Chief Compliance Officer):

• Career started at Clifford Chance Law Firm

• Previously led the international legal and compliance team at AQR Capital Management

• Andreas Koukorinis (Head of Trading):

• Former executive at JPMorgan Chase

• Jonathan Loflin (Head of Strategy and Managing Director, Alpha)

GSR Markets’ business scope

Portfolio Solutions:

Expand balance sheet size through customized revenue-enhancing strategies (such as over-subscription of subscription options).

Defi (decentralization):

GSR serves as an active investor, liquidity provider and infrastructure operator, working with developers and token issuers in the DeFi ecosystem.

Crypto Market Making:

GSR market makers make markets more efficient by reducing price volatility and assisting in fair price discovery.

OTC Crypto Trading (Cryptocurrency OTC Trading):

Unparalleled results are achieved for counterparties by leveraging top exchange connections and proprietary execution systems.

Algorithmic Trading

GSR's proprietary trading technology can be configured based on a counterparty's specific trading needs.

Risk Management:

GSR designs risk management strategies for miners, hedge funds, and exchanges who face the ongoing difficult decision of how to manage risk.

GSR Markets positions

The picture above shows the position list or asset portfolio of GSR Markets in the recent 2024/09/01

The above-mentioned Gala, Arkm and Karrat tokens are currently in the top three of GSR Markets’ asset portfolio. You can pay more attention to the above tokens.

Common GSR Markets market making techniques

WBTC vs. ETH (Binance)

(Figure 1)

(Picture 2)

Figure 1 shows GSR Markets’ operations for WBTC from 2024/01/04 to 2024/05/15.

Figure 2 shows the amount of WBTC transferred by GSR Markets from 2024/01/09 to 2024/05/13, as well as the increase or decrease in WBTC.

The red arrow is GSR Markets transferring WBTC to Binance exchange.

(Figure 1)

(Picture 2)

Figure 1 shows GSR Markets’ operations for WBTC from 2024/07/05 to 2024/09/01.

Figure 2 shows the amount of WBTC transferred by GSR Markets on 2024/07/16 and the rise and fall of WBTC.

The green arrow shows GSR Markets withdrawing WBTC from the Binance exchange.

GSR Markets’ operating logic and process for WBTC:

First, an address starting with 0x6c73b ( GSR Markets ) will withdraw WBTC from Binance.

Then, transfer the withdrawn WBTC to GSR Markets’ main Binance deposit address (starting with 0xE69).

Finally, enter Binance Exchange or Binance Hot Wallet.

To put it simply, it is withdrawn from Binance A, transferred to the wallet on the GSR Markets chain, and finally transferred to Binance B. (Sell)

It is considered a buy if it is only raised but not transferred to any wallet or exchange.

Related link 1 Related link 2

ETH Operations

(Figure 1)

(Picture 2)

Figure 1 shows GSR Markets’ operations on ETH from 2023/12/09 to 2024/05/16.

Figure 2 shows the amount of ETH proposed and transferred by GSR Markets from 2023/12/11 to 2024/05/02, as well as the rise and fall of ETH.

The red arrow is GSR Markets transferring ETH to Binance exchange.

The green arrow shows GSR Markets withdrawing ETH from the Binance exchange.

(Figure 1)

(Picture 2)

Figure 1 shows GSR Markets’ operations on ETH from 2024/06/18 to 2024/09/01.

Figure 2 shows the amount of ETH proposed and transferred by GSR Markets from 2024/06/19 to 2024/08/08, as well as the rise and fall of ETH.

The red arrow is GSR Markets transferring ETH to Binance exchange.

The green arrow shows GSR Markets withdrawing ETH from the Binance exchange.

GSR Markets’ operating logic and process for WBTC (we are familiar with WBTC, but use different addresses):

First, an address starting with 0x96f ( GSR Markets ) will withdraw ETH from Binance.

Then, transfer the withdrawn ETH to GSR Markets’ main Binance deposit address (starting with 0xE69).

Finally, enter Binance Exchange or Binance Hot Wallet.

To put it simply, it is withdrawn from Binance A, transferred to the wallet on the GSR Markets chain, and finally transferred to Binance B. (Sell)

It is considered a buy if it is only raised but not transferred to any wallet or exchange.
Related link 1 Related link 2 Related link 3

in conclusion

• Gala, Arkm, and Karrat are the top three tokens in the GSR Markets portfolio and worth keeping an eye on.

• GSR Markets' regular operating mode for WBTC and ETH usually involves deposit addresses in the same wallet and exchange.

• As a large market maker, GSR Markets' operations have a certain influence on the market, but it is not necessarily a "top escape indicator." It’s just that the timing of selling and buying is just right, both at relatively high and low points.

Dear reader, you may be thinking: "Where can I learn and see these in-depth analysis methods and precious information sharing?"

Please go to our official website to read and learn~

https://datatw.io/