@edwiinkennan
As of September 2025, crypto market liquidity is robust, with $4.2T total cap and Bitcoin's 24h volume at $38.9B, boosted by ETF inflows and institutional adoption. However, token unlocks ($4.5B) introduce volatility, widening spreads in altcoins.
Market makers' roles have evolved: more institutional players (e.g., Jump Crypto, Wintermute) use AI algorithms for stability, integrate DeFi/CeFi, and navigate stricter regulations like MiCA for deeper liquidity provision.
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