An overview of the market-making situation of the seven major market makers in this bull market: Wintermute's participation rate among the four kings is 100%?
DWF Labs makes a high-profile entry into the Meme track, and the activity of the TON ecosystem, Amber, and Flow Traders has明显上升...Author: Ai Yi
Organizer: Odaily Planet Daily
Editor’s Note: Market makers are an important part of the crypto world, providing liquidity to the market while also holding the "power of life and death" over coin prices. Crypto KOL Ai Yi has analyzed the market-making situations of seven major market makers in this bull market from aspects such as capital volume, position changes, and market-making styles. Odaily summarizes as follows:
The homework that has been urged for half a year has finally arrived.
Summary of the market-making situations of the seven major market makers: Jump Trading/Wintermute/Amber Group/DWF Labs/B2C 2/GSR Markets/Flow Traders in this bull market.
Wintermute's participation rate among the four kings 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
Introduction
As usual, to enhance data accuracy, the market-making projects counted in the images only include publicly verifiable parts. If there are omissions, please feel free to supplement in the comments.
Market Maker Capital Volume
As of 2024.06.27, sorted by on-chain capital volume from high to low:
Jump Trading: $673 million
Wintermute: $475 million
GSR Markets: $86 million
Amber Group: $50 million
DWF Labs: $41 million
B2C 2: $37 million
Flow Traders: $3.9 million
Here are some key points:
Wintermute: Participation Rate Among the Four Kings is 100%
In this bull market, high market cap tokens almost all have Wintermute's presence. Among the four kings (OP / ARB / STRK / ZK), except for ZK, which lacks clear data support, the others are all involved in market making with a huge number of tokens.
In addition, Wintermute has become the second-largest market-making institution for Robinhood, with trading revenue accounting for as much as 10%.
In the past six months, there have been two obvious changes in Wintermute's large positions:
In November 2023, the top-ranked $ARB position sharply decreased (from $39.73 million to $2.57 million), which should correspond to frequent sightings of ARB deposits into exchanges, haha.
As an ENA market maker, Wintermute holds related tokens worth $16.29 million ($10.01 million USDE + $6.28 million ENA).
GSR Markets
Rumored to be the "official market maker for Binance," GSR has indeed participated significantly in recent Launchpool projects.
It is worth noting that the previously top-ranked asset $WLD has decreased by nearly 87% (from $13.06 million to $1.66 million), replaced by $GALA, which currently holds $9.88 million in tokens, with almost no change over the past six months.
DWF Labs: High-profile Entry into the Meme Track and TON Ecosystem
DWF is undoubtedly the most active market maker in this bull market—promoting rapid increases in various altcoins like FET / JASMY in early February, announcing investments in projects like FLOKI / TOKEN / GME during the Meme explosion in May, and deeply participating in the TON ecosystem.
They truly do not miss any hot spots, running the "VC + MM" model with great success.
Amber Group & Flow Traders
These two market makers may not be as well-known as the aforementioned three, but they have also made their presence felt in recent months, especially Amber, which has participated in popular narratives like liquidity staking / L2 / interoperability protocols.
Currently, Amber holds $12.74 million in ZRO, while Flow Traders' top holdings are BTC / ETH and the main narrative DeFi tokens from the last bull market, UNI / MKR.
Other Market Makers' Specific Holdings
Most market makers have seen significant increases in capital volume. Aside from the factor of "funds flowing from exchanges to on-chain," the hot market in the first half of the year has indeed allowed market makers to make money. For example, GSR has publicly stated that "income in the first half of the year has more than doubled year-on-year."
For those interested in holdings, please refer to the Arkham dashboard; I won't elaborate here:
