With this level of volatility and trading volume, market makers in spot trading won’t earn much. The main profits come from those chasing the pump (minus the costs of pushing the price up and the profits taken by those who were already positioned or chased the pump). After the price drops and consolidates, they might buy the dip, but not all consolidation is about dip-buying—there are also sellers and those cutting losses after recovering a bit. At this point, market makers might see their USDT decreasing while their coins increase, so they manually dump to lock in profits and secure their positions. But now with contracts, they can profit both long and short.