Top 7 Market Makers Overview: Capital Size, Positions, and Market Making Style Analysis
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Top 7 Market Makers Overview: Capital Size, Positions, and Market Making Style Analysis
Well-known crypto KOL Aunt Ai has compiled an overview of the performance of seven major market makers—including Jump Trading, Wintermute, and Amber Group—during this bull market, including detailed analysis of their capital size, positions, and market-making styles. Full article reprinted below:
Navigating Web3 tides with focused insightsThe long-awaited assignment has finally arrived 🤓
Summary of market-making activities during this bull run by seven major market makers: Jump Trading / Wintermute / Amber Group / DWF Labs / B2C2 / GSR Markets / Flow Traders.
- Wintermute achieved a 100% participation rate in the "Four Heavenly Kings"
- DWF Labs made a high-profile push into the Meme sector and TON ecosystem
- Amber Group and Flow Traders showed significantly increased activity
1/ Preface
Same as always—only publicly verifiable data is included in the chart to ensure accuracy. Please feel free to add any missing items in the comments.
2/ Market Maker Capital Size
As of June 27, 2024, ranked by on-chain capital size from highest to lowest:
1. Jump Trading: $673 million
2. Wintermute: $475 million
3. GSR Markets: $86 million
4. Amber Group: $50 million
5. DWF Labs: $41 million
6. B2C2: $37 million
7. Flow Traders: $3.9 million
Key takeaways below🧵👇:
3/ Wintermute: 100% Participation Rate Among the Four Heavenly Kings
Wintermute has been involved in nearly every high-market-cap token during this bull market. Among the "Four Heavenly Kings" (OP / ARB / STRK / ZK), all except ZK—due to lack of clear data—have had substantial market-making involvement from Wintermute with large token holdings.
In addition, Wintermute has become the second-largest market maker for Robinhood, contributing up to 10% of its trading revenue.
4/ Over the Past Six Months, Two Notable Changes in Wintermute’s Large Holdings
1. The $ARB position, previously ranked #1 in November 2023, dropped sharply (from 39.73 million to 2.57 million). As a result, you’ll likely keep seeing ARB deposits into exchanges, haha.
2. As a market maker for ENA, Wintermute holds $16.29 million worth of related tokens ($10.01 million USDE + $6.28 million ENA).
5/ GSR Markets
Rumor has it they’re Binance’s “official” market maker 😄, and their recent participation in Launchpool projects is indeed significant.
Note: Their top holding earlier this year, $WLD, has decreased by nearly 87% (from $13.06 million to $1.66 million). It has now been replaced by $GALA, which they continue to hold at $9.88 million—almost unchanged over the past half year.
6/ DWF Labs: High-Profile Push Into Meme Sector and TON Ecosystem
DWF Labs is undoubtedly the most active market maker in this bull run—driving rapid price increases for altcoins like FET and JASMY in early February, announcing investments in meme projects like FLOKI / TOKEN / GME during May's meme explosion, and deeply engaging in the TON ecosystem.
They truly don’t miss a single trend, executing the "VC + MM" model brilliantly😎
7/ Amber Group & Flow Traders
These two market makers may not be as famous as the previous three, but they’ve become highly visible in recent months—especially Amber Group, which has participated across popular narratives such as liquid staking, L2s, and interoperability protocols.
Currently, Amber holds $12.74 million in ZRO, while Flow Traders’ top holdings are BTC, ETH, and DeFi tokens from the last bull cycle—UNI and MKR.
8/ Detailed Holdings of Other Market Makers
Most market makers have seen noticeable capital growth. Beyond factors like exchange funds moving on-chain, the strong market performance in the first half of the year has genuinely paid off—for example, GSR publicly stated that its revenue grew more than double year-on-year.
For those interested in detailed holdings, check out the Arkham dashboard—the full breakdown is available there 👉
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