Author: Ada, Deep Tide TechFlow
Original Title: Saying Goodbye to the Wild West, Crypto Market Makers Welcome Their "Coming of Age"
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In the cryptocurrency discourse, market makers seem to always stand at the top of the food chain. They are regarded as "system-level winners" alongside exchanges, imagined by outsiders as entities that do not bear directional risk but can profit from every market fluctuation, acting as "pumping machines."
However, when you truly step into this industry, you see a different, harsher reality: some get wiped out overnight during extreme market conditions, some exit in disappointment due to a single risk control mistake, and more are forced to reconstruct their entire business model amid profit halving, failed price wars, and scarce quality assets.
The days of crypto market makers are far from glamorous.
Over the past two years, the industry has undergone a quiet yet bloody cleansing. As windfall profits recede and regulations tighten, compliance capabilities, risk control systems, and technological accumulation have replaced the old