Summary of the performance of seven major market makers, including Jump Trading, Wintermute, and Amber Group, during this bull market, with detailed analysis of their capital volume, holdings, and market-making styles. This article is authored by Crypto AI Yi and compiled, translated, and written by Deep Tide.
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Compiled Jump Trading, Wintermute, Amber Group, and other seven major market makers’ performance in this bull market, including detailed capital volume, holdings, and market-making style analysis. Full article as follows:
The homework that has been urged for half a year is finally here
Summary of the market-making situation of 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 high-profile entry into the Meme track and TON ecosystem
– Amber and Flow Traders’ activity has significantly increased
As usual, to improve the accuracy of the information, only publicly verifiable parts of the market-making projects in the pictures are selected. If there are any omissions, please feel free to add them in the comments.
As of 2024.06.27, the rankings based on on-chain capital volume from high to low are:
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 sorted out :
High market value tokens in this bull market almost always feature Wintermute, with the exception of ZK, which lacks clear data support. The rest are market-made by it, and the number of tokens is huge.
In addition, Wintermute has become the second largest market-making institution for Robinhood, with its trading revenue accounting for as high as 10%.
1. The $ARB holdings, ranked TOP1 in November 2023, have decreased sharply (from 39.73 million to 2.57 million), which should correspond to frequent ARB fund inflows to exchanges haha.
2. As an ENA market maker, Wintermute holds related tokens worth $16.29 million ($10.01 million in USDE + $6.28 million in ENA).
Rumored to be “Binance’s exclusive market maker” , the degree of participation in the recent Launchpool project market-making is indeed not low.
It is worth noting that the TOP1 asset held by GSR, $WLD, has decreased by nearly 87% (from 13.06 million to 1.66 million), replaced by $GALA, which currently holds $9.88 million worth of tokens, with almost no change over the past six months.
DWF is undoubtedly the most active market maker in this bull market —— driving up a bunch of altcoins like FET/JASMY quickly in early February, officially announcing investments in projects like FLOKI/TOKEN/GME during the Meme boom in May, and deeply participating in the Ton ecosystem.
It truly doesn’t miss a hotspot, running the “VC + MM” model with great success
These two market makers may not be as famous as the three above, but they have also been very present in recent months, especially Amber, participating in hot narratives like liquidity staking / L2 / interoperability protocols.
Currently, Amber holds $12.74 million in ZRO, while Flow Traders’ top holdings are BTC/ETH and DeFi tokens UNI/MKR from the last bull market’s main narrative.
Most market makers’ capital volumes have seen significant growth. Aside from the “exchange funds transferring to on-chain” factor, the hot market in the first half of the year has also practically made MM money, for instance, GSR publicly stated that “revenue in the first half of the year has more than doubled year-on-year.”
For those interested in holdings, see the Arkham panel, details not expanded here
https://platform.arkhamintelligence.com/dashboards/view?dashboardID=77ad9d95-8d52-4958-a6ab-1c807db155f2
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