Original Author: Ai Yi (X: @ai_9684xtpa)
Related Reading:
"Understanding Market Makers: Predators in the Gray Area, Why Are They Vital to the Crypto World?" (https://www.odaily.news/post/5195165)
Editor's Note: Market makers are an important part of the crypto world, providing liquidity to the market, but also holding the "life and death" power of coin price fluctuations. Crypto KOL Ai Yi analyzed the market making situation of seven major market makers in this bull market from the aspects of fund size, position changes, and market making style. The Odaily Planet Daily has compiled the following:
The homework that has been urged for half a year has finally arrived.
Summary of the market making situation of seven major market makers in this bull market: Jump Trading / Wintermute / Amber Group / DWF Labs / B2C2 / GSR Markets / Flow Traders.
Wintermute's participation rate in the four major tokens is 100%
DWF Labs makes a high-profile entry into the Meme track and the TON ecosystem
Amber and Flow Traders show a significant increase in activity
Preface
As usual, in order to improve data accuracy, only publicly verifiable parts of the market making projects are selected in the statistics in the picture. If there are omissions, feel free to supplement in the comments section.
Market Maker Fund Size
As of 2024.06.27, sorted by on-chain fund size from high to low:
Jump Trading: $673 million
Wintermute: $475 million
GSR Markets: $86 million
Amber Group: $50 million
DWF Labs: $41 million
B2C2: $37 million
Flow Traders: $3.9 million
Here are some key points:
Wintermute: Participation rate in the four major tokens is 100%
In this bull market, almost all high-market-value tokens have the shadow of Wintermute. Except for ZK, which lacks clear data support, the other three tokens (OP / ARB / STRK) have large market making participation by Wintermute.
In addition, Wintermute has become the second largest market maker for Robinhood, with its trading revenue accounting for as much as 10%.
In the past six months, Wintermute's large holdings have two obvious changes:
In November 2023, the top-ranked $ARB holdings sharply decreased (from $39.73 million to $2.57 million), and correspondingly, there should be frequent information about ARB recharging into exchanges.
As a market maker for ENA, Wintermute holds related tokens worth $16.29 million ($10.01 million USDE + $6.28 million ENA).
GSR Markets
It is rumored to be the "Market Maker for Binance," and its recent participation in the market making of Launchpool projects is indeed significant.
It is worth noting that the asset $WLD, which was previously ranked TOP1 in GSR holdings, has decreased by nearly 87% (from $13.06 million to $1.66 million), and has been replaced by $GALA, which currently holds tokens worth $9.88 million, with almost no change in the past half year.
DWF Labs: Making a high-profile entry into the Meme track and the TON ecosystem
DWF is undoubtedly the most active market maker in this bull market—pushing FET / JASMY and other altcoins to rise rapidly in early February, announcing investments in Meme projects such as FLOKI / TOKEN / GME during the May Meme outbreak, and deeply participating in the TON ecosystem.
It really doesn't miss any hot spots, and runs the "VC + MM" model with great success.
Amber Group & Flow Traders
These two market makers may not have as much fame as the above three, but they have also shown a strong presence in recent months, especially Amber, which has participated in popular narratives such as liquidity staking, L2, and interoperability protocols.
Currently, Amber holds tokens worth $12.74 million in ZRO, while Flow Traders' top holdings are BTC / ETH and the DeFi tokens UNI / MKR from the previous bull market.
Specific holdings of other market makers
The fund size of the vast majority of market makers has shown significant growth. In addition to the "transfer of exchange funds to the chain" factor, the hot market in the first half of the year has indeed allowed market makers to make money, such as GSR openly stating that "revenue in the first half of the year has more than doubled compared to the same period last year."
For those interested in holdings, please refer to the Arkham panel for details: https://platform.arkhamintelligence.com/dashboards/view?dashboardID=77ad9d95-8d52-4958-a6ab-1c807db155f2
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