Editor's note: Market makers are an important part of the crypto world. They provide liquidity to the market, but they also hold the power of life and death over the rise and fall of coin prices. In previous articles, some authors have explained in detail the role of market makers in the market. Crypto KOL Aunt Ai summarized the market making situation of seven major market makers such as Jump Trading, Wintermute/Amber Group in this round of bull market. BlockBeats reprinted the full text 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 / B2C2 / GSR Markets / Flow Traders in this bull market.
- Wintermute's four kings have a 100% participation rate - DWF Labs has made a high-profile entry into the Meme track and TON ecosystem - Amber and Flow Traders have seen a significant increase in activity
1/ Write 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.
2/ 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. B2C2: $37 million 7. Flow Traders: $3.9 million
Here are some key points:
3/ Wintermute: 100% participation rate of the Four Heavenly Kings
Wintermute is almost present in all high-market-cap tokens in this bull market. Among the four kings (OP / ARB / STRK / ZK), except for ZK which lacks clear data support, Wintermute is involved in market making for the rest with a huge number of tokens. In addition, Wintermute has become the second largest market maker in Robinhood, accounting for 10% of its trading revenue.
4/ Over the past six months, there have been two obvious changes in Wintermuteâs 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).
5/ GSR Markets
Rumor has it that he is âBinanceâs official market makerâ, 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 GSRâs holdings, has decreased by nearly 87% (13.06 million > 1.66 million), and has been replaced by $GALA, which currently still holds $9.88 million in tokens, with almost no change in more than half a year.
6/ 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. 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 donât miss any hot spots and make the âVC + MMâ model very successful.
7/ 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.
8/ 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 more than twice 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
