Recently observed two active market makers in action, and here are my thoughts: 1. Binance is still the liquidity hub. No matter what people say about Binance's market share declining, the liquidity is still on Binance. The current strategy for market makers is to avoid buying/rarely buy spot. Instead, they control prices through Binance Futures/Aster Futures. Other exchanges are just auxiliary tools for offloading or replenishing positions. 2. Binance's risk control is insanely strict now. If there's any issue with the margin balance or a large liquidation, accounts with significant profits are immediately hit with ADR + withdrawal bans. They even trace back to some accounts that traded early on. It's really hard to ban active market makers—where there's a will, there's a way. Even with all the FUD against Binance, this kind of activity is tough to eliminate. Binance's risk control/reporting measures are only temporarily effective. Risk models will eventually be figured out, and reported accounts can just reappear under a new identity. From what I know, for project teams, very few end up pocketing large profits in the end. Most just convert some of their tokens into USDT, giving themselves a reason to call it a day. As for retail investors, playing against the big players is almost always a losing game. #Crypto #Binance #MarketMakers