📖 The History of Cryptocurrency Market Making

🌟 The history of cryptocurrency market making has evolved from small enthusiasts to major professional players. Over time, market makers have adapted to market changes, expanding their operations and getting involved in various aspects of crypto trading.

The development path of market makers in cryptocurrency markets can be divided into three stages:

1️⃣ 2009–2012: 🔍 With the emergence of 💰 Bitcoin, the first cryptocurrency exchanges and market makers appeared. Primarily, these were individuals and small teams.

2️⃣ 2013–2017: 📈 As the crypto market matured, professional market makers started to emerge, offering more specialized services. Among the companies that emerged during this period are Cumberland Mining, Jump Trading, DRW Trading, and others. These companies not only provide market-making services but also offer various services such as arbitrage and asset management.

3️⃣ 2018-present: 📉 The crypto market crash in 2018 led to the bankruptcy of many exchanges and market makers. 💔 After a gradual recovery in trading volumes, market makers modernized their strategies. At this stage, there is growing interest in the market from traditional financial market makers (such as Jane Street, Susquehanna, etc.). Currently, the activities of crypto market makers are not limited to centralized exchanges (CEX) 🏛 but also extend to decentralized exchanges (DEX) 🌐 and the over-the-counter (OTC) market.