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Six of the Best Crypto Market Makers Supplying Liquidity in 2025

Crypto market makers: always essential, occasionally controversial, frequently misunderstood. It’s a thankless task, but market makers – or MMs as it’s easier to say – aren’t in it for the plaudits. They treat their duty as a business, cos that’s exactly what it is: the business of keeping crypto markets ticking over around the clock. In practical terms, this means supplying the liquidity and matching the bids and asks to ensure there’s always a buyer or seller available. And while a tranche of crypto traders will continue to misunderstand the role that MMs play, the token projects that enlist their services understand the vital role of market makers – particularly on decentralized exchanges, where liquidity is typically lower than on their centralized counterparts. As for assessing the capabilities of the best market makers currently doing their thing on crypto’s frontlines, it’s not as simple as tallying up partner count and exchange integrations. While these metrics are worthy of consideration, they don’t capture the full picture. Qualitative factors such as service quality and client support are just as vital in determining which market makers are awesome and which are merely mediocre. Through combining measurable data with intangible strengths, however, we’ve identified the best crypto market makers in 2025, and they are as follows… Cumberland Cumberland, a division of DRW Trading, brings a level of maturity to the crypto market-making space that’s hard to match. It’s the suit-and-tied, serious businessman in the room: here to talk numbers, not shill your latest memecoin. Since entering the crypto scene in 2014, the Chicago-based Cumberland has become a trusted partner for institutional players seeking deep liquidity. Its tailored market-making solutions can be applied to assets ranging from Bitcoin to emerging altcoins. Specializing in OTC trades and large-block transactions, Cumberland caters to hedge funds, exchanges, token projects, and anyone else needing to execute high-volume trades without crashing the market. Its robust risk management practices have kept it free from the pitfalls that less seasoned market makers have occasionally fallen afoul of. Known for its steady, unflappable approach, Cumberland ensures order book stability even during volatile market conditions, making it the preferred choice for institutions that need a professional market maker to get the job done reliably and while ticking all the right regulatory boxes. DWF Labs DWF Labs is a veritable heavyweight in crypto market making, which remains its bread and butter despite its flourishing advisory and OTC services. Its core strength lies in providing liquidity for a vast network of over 700 partners. Indeed, we’re fast approaching a stage where it’s easier to list the projects that haven’t utilized DWF at some stage for MM purposes. DWF Labs are everywhere, and have rightly earned a rep as the industry’s most reliable market maker, keeping the order books ticking over whatever the macro outlook. Operating across more than 60 centralized and decentralized exchanges, DWF Labs ensures tight bid-ask spreads for tokens ranging from micro-caps to majors and from memecoins to established blue chips. Beyond liquidity, DWF Labs offers a comprehensive suite of web3 services, allowing its clients to combine its market-making with VC investments or short-term liquidity to support token launches. This holistic approach makes it a go-to for emerging projects that don’t just need liquidity, but also an experienced shoulder to lean on and support them through a critical stage of their life cycle. Vortex Vortex is a lesser-known but no less accomplished market maker, with its proprietary algorithms giving it the edge when it comes to efficiently narrowing that all-important bid-ask spread. In volatile markets, Vortex’s tech has proven adept at handling turbulence, dampening volatility while deepening liquidity for its clients. As a newer player in the market making sector, Vortex is eager to please, which means going the extra mile to keep its clients content. In addition to optimizing liquidity across more than 50 integrated exchanges, Vortex offers arbitrage services and helps projects ensure exchange listings at a discounted rate. It’s got the connections, it’s got the willpower, and when it comes to market making, it’s got the algos that will allow traders and token projects alike to maximize value from every swap. Wintermute Wintermute is a market-making veteran and remains a major player, boasting a lifetime trading volume of more than $600 billion. Active on over 50 CEXs and DEXs, including giants like Coinbase, Kraken, and Uniswap, Wintermute operates seamlessly behind the scenes to keep markets liquid and efficient. While its largest volumes come from tier-one CEXs, Wintermute also supports onchain liquidity for the likes of dYdX perpetual futures and Uniswap pools. Its proprietary algorithms, though kept under wraps, are widely respected for maintaining market flow during challenging conditions. Wintermute’s understated confidence and reliability have earned it an unmatched reputation, making it a crypto market cornerstone. While capable of occasionally running into controversy, when you zoom out, Wintermute has been a net good for DeFi and CeFi since its inception. GSR London loves churning out crypto market makers, and GSR is a prime example of the city’s influence on global markets. GSR is plugged into over 60 exchanges and provides liquidity for a combination of emerging token projects and established digital assets. Its decade-long presence in the industry has given it the expertise to adroitly navigate the complexities of crypto markets. Through bull times and bear, GSR’s seen it all and kept its clients ticking over with the liquidity they need to make it through the next cycle and beyond. GSR earns kudos for its transparency, offering clients daily reports with detailed KPIs and performance metrics. This openness ensures projects are kept in the loop on everything from order book depth to slippage rates. Through focusing on fair price discovery and narrow bid-ask spreads, GSR gets the job done efficiently while keeping its head below the water. Like the best market makers, it understands that its job is to swerve the limelight, allowing its clients to shine. Amber Group Amber Group has some impressive stats to its name: $5 billion in daily volume across 200+ tokens, which account for over 3% of global crypto trading activity. With one foot in CeFi and the other DeFi, Amber Group straddles the industry like a colossus, combining high uptime with efficient algorithms to deliver deep liquidity. Its team of sharp minds adds intellectual heft to its operations, making it a formidable player in the market-making space. Like DWF Labs, Amber Group offers a full suite of web3 services, from advisory support for token issuance to lifecycle management. Launching a token is a complex endeavor, and Amber Group’s expertise helps projects navigate this process with precision, ensuring a successful rollout and sustained market activity. For teams seeking a seasoned partner they can rely on through thick and thin, Amber Group has got it locked down. Liquidity Is King Market makers aren’t in the business of inflating or deflating token prices: they’re here to provide the liquidity that sets the stage for everything else. Their support for buy and sell orders enables price discovery, helps to grow volume, and provides the sort of round-the-clock action that prompts listings on larger exchanges. In theory, you could go it alone and launch a token without a market maker onboard. But unless you’ve hit upon a viral memecoin that’s headed to a billion, or devised a radical new liquidity-growing tokenomic model, your odds of making it into the next month sans MM are vanishingly small. Market makers may not be mandatory, but they’re highly recommended. They serve a stabilizing force during those critical early days, helping projects weather the initial volatility and build a foundation for long-term growth. No market maker, no moon. Choosing to employ the services of a market maker is thus a no-brainer. Choosing which market maker to utilize is harder – but the foregoing six should form your starting point for reaching the right decision. Image by Matthias Wewering from Pixabay ZyCrypto

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TRUMP coin soars 73% on dinner hype — but July’s unlocks could tell a very different story

TRUMP coin has rallied 73% on gala dinner excitement, but once supply starts unlocking in July, will holders face steeper risks than they realize? Table of Contents TRUMP coin stages a stunning comeback Dinner with Trump becomes crypto’s hottest ticket Trump entities profit from trading, not pumps What to expect next? TRUMP coin stages a stunning comeback The Trump-themed meme coin, Official Trump ( TRUMP ), has captured the market’s attention after delivering a remarkable rally over the past few days. Launched on Solana ( SOL ) in January 2025, the token surged from approximately $7.54 to a high of $15.47 on Apr. 23, before settling near $13.20 on Apr. 25. TRUMP coin price chart | Source: crypto.news TRUMP has gained over 73% in the past week and recorded a 24-hour trading volume of $1.82 billion, making it the top-performing asset among the 100 largest cryptocurrencies by market cap . The recent rally follows a volatile few months. Ahead of President Trump’s Jan. 20 inauguration, the TRUMP coin soared to an all-time high of $75.35. Sentiment cooled sharply after the event, and by Apr. 7, the token had fallen to $7.14. Even after its recent rebound, TRUMP still trades nearly 83% below its peak. The most immediate catalyst behind the latest rally emerged on Apr. 23, when it was announced that the top 220 holders of TRUMP would be invited to a formal dinner with President Donald Trump at the Trump National Golf Club in Washington, D.C. The top $TRUMP Coin holders will have a private DINNER WITH PRESIDENT TRUMP on May 22nd at the BEAUTIFUL Trump National Club in Washington, D.C. It will be a night to remember! Thank You! And Have Fun! Click Here For Details: https://t.co/Nm31BxQGx5 — TrumpMeme (@GetTrumpMemes) April 23, 2025 Following the announcement, technical analyst AMCrypto on X observed a surge in short liquidations and whale-driven buying, which fueled the price rally. $TRUMP massive pump ???? Yesterday, it was announced that Donald Trump will do an exclusive dinner with top 200 $TRUMP holders. Right after this announcement, whales started to buy, causing a massive pump and short squeeze. I think the rally has stalled for now and won`t happen… pic.twitter.com/fEOvLAQngJ — AMCrypto (@AMCryptoAlex) April 24, 2025 At the same time, the scheduled unlocking of 40 million new TRUMP tokens was postponed by 90 days. The delay helped preserve the circulating supply at 200 million tokens and alleviated concerns about a sudden influx of new supply triggering a selloff. Couldn’t be more excited about this "Dinner with Trump". A lot more on the way! The Tokens from the initial cliff and from the following three months of daily unlocks will remain locked, each for an additional 90 days. The era of $TRUMP has just begun! — TrumpMeme (@GetTrumpMemes) April 23, 2025 The broader macro environment has also provided a favorable backdrop. Renewed enthusiasm around Bitcoin ( BTC ), as it approached the $100,000 mark, has contributed to a wider appetite for high-risk assets, including meme tokens. As of this writing, BTC is trading above $94,000, having gained more than 11% over the past seven days. Dinner with Trump becomes crypto’s hottest ticket The promise of dinner with the 47th President of the U.S. has added a high-voltage intrigue to an already unusual crypto rally. In its official announcement, the TRUMP token team unveiled what it called “the most exclusive invitation in the world,” offering a formal gala dinner to the top 220 holders of the meme coin. The event is scheduled for May 22 at Trump National Golf Club in Washington, D.C., and includes an additional perk for the top 25 participants, which includes a private VIP reception and a guided tour of the White House. According to the official terms, eligibility is determined by a time-weighted average of holdings from Apr. 23 to May 12. This means the top 220 wallet addresses must not only hold a large quantity of tokens but must also maintain those holdings for a sustained period. Eligibility also requires passing a background check, not being from a jurisdiction flagged under global anti-money laundering protocols, and attending the event alone—no guests allowed. A clause in the terms makes it clear that while President Trump is expected to attend, his presence is not guaranteed. In such a case, qualifying attendees would instead receive a limited-edition Trump-themed non-fungible token ( NFT ) as compensation. The current leaderboard of token holders is being updated in real-time through the project’s official portal. As of Apr. 25, the top spot belongs to a cold wallet labeled “SUN,” reportedly associated with Justin Sun, founder of the TRON ( TRX ) blockchain. His holdings exceed 1.17 million tokens, valued at over $14 million. Sun’s involvement is consistent with his previous support for pro-Trump crypto initiatives, including his advisory role at the Trump-backed World Liberty Financial DeFi project. Second and third positions are held by wallets under the identifiers “CASE” and “MeCo,” respectively. While MeCo holds a larger number of tokens than CASE, it ranks lower due to the project’s use of time-weighted metrics, which give more weight to long-term holdings over recent accumulation. Blockchain activity suggests that interest in the token soared immediately after the event was announced. Data from analytics firm Nansen shows that the top 100 wallets accumulated approximately 940,000 additional tokens within an hour of the post. Trump entities profit from trading, not pumps The sharp rise in TRUMP’s price is supported by a token design that deliberately restricts supply and concentrates control among two Trump-affiliated entities. The total supply of the token is capped at one billion. Out of this, only 200 million tokens are currently in circulation, while the remaining 800 million tokens are locked and scheduled to unlock gradually over a three-year period. This structure is intended to avoid the sudden, large sell-offs that often destabilize meme tokens with loosely managed supply models. According to the project’s official documentation, the initial unlock on Apr. 18 was set to release 40 million tokens, followed by a daily issuance of 205,480 tokens until Jul. 18. However, shortly after the announcement of the Trump gala dinner, the team deferred further unlocks by 90 days. This move kept the circulating supply at 200 million tokens and helped suppress potential sell pressure, supporting the ongoing price rally. At current market prices, the fully diluted valuation of the TRUMP coin, calculated across all one billion tokens, stands at approximately $13.35 billion. Since only 20% of the supply is active in the market, the actual market capitalization is much lower at around $2.67 billion. Ownership of the locked 800 million tokens is concentrated between CIC Digital LLC and Fight Fight Fight LLC. Both entities are linked to the Trump Organization and together control 80% of the total token supply. Typically, such heavy insider control would raise concerns about future dumping. However, structural and reputational factors serve as deterrents. The holdings are subject to a multi-year lockup, and any premature selling could provoke backlash from both the TRUMP community and broader crypto investors. Rather than relying on direct token sales, the affiliated entities generate income through trading activity. At launch, they seeded 100 million tokens, equal to 10% of the total supply, into a liquidity pool on Meteora , a decentralized exchange on Solana where TRUMP is actively traded. This liquidity pool allows buyers and sellers to transact smoothly without large price slippage and simultaneously generates fees for liquidity providers. Each trade on Meteora incurs a fee, a portion of which flows back to the wallets controlled by CIC Digital and Fight Fight Fight. This model has proven to be highly profitable. Estimates from Reuters show that as of Jan. 30, trading fees alone had already generated between $86 million and $100 million for Trump-affiliated wallets. Following the Apr. 23 dinner announcement, trading activity spiked further, bringing in an additional $1.6 million in fees within a single 24-hour window. The Washington Post has placed the total earnings from TRUMP coin activities at approximately $312 million from token sales and $41 million from trading fees since launch. Although the exact revenue split between CIC Digital and Fight Fight Fight remains undisclosed, their role as the primary liquidity providers suggests they capture the majority of these profits. What to expect next? TRUMP token’s near-term momentum appears closely tied to two factors: the countdown to the May 22 gala event and the ongoing 90-day delay in token unlocks. As long as the circulating supply remains limited and the gala dinner continues to serve as a coveted status symbol within the community, speculative interest around the token could stay elevated. Once the event concludes and the unlock window approaches in July, however, market dynamics may shift. The introduction of fresh token supply could create downward pressure on prices, particularly if trading volumes decline after the gala-driven hype fades. New entrants drawn by the recent rally should recognize that TRUMP token’s current market capitalization reflects a small circulating supply rather than full public distribution. For existing holders, maintaining disciplined risk management will be crucial. As event-driven catalysts lose influence, fundamental questions about long-term sustainability are expected to resurface, and positioning accordingly could make the difference between protecting gains and facing steep drawdowns. Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. ZyCrypto