Largest Crypto Market Makers in 2026: Who Really Moves the Liquidity
Every crypto chart you see, every order you place, every token you list is sitting on top of one thing most people never think about: liquidity.
Behind the scenes, a handful of large market making firms are the ones keeping order books alive, tightening spreads, and making sure big buyers and sellers can move without blowing up the price. If you are launching a token, running an exchange, or trading size, these are the players you are actually dealing with, whether you see them or not.
In this article, we break down what crypto market makers do, why size matters, and who the biggest firms are in 2026. We will also look at how all this connects to token launches, marketing, and community growth.
What Is a Crypto Market Maker, In Simple Terms?
A crypto market maker is a trading firm that uses its own capital to quote both buy and sell prices for a token at the same time.
They place bids (buy orders) and asks (sell orders) into the order book.
They earn the small difference between those prices, called the spread.
They take risk. If the market moves against their inventory, they can lose money.
They operate on:
Centralized exchanges (CEXs)
Decentralized exchanges (DEXs)
OTC desks and RFQ platforms
Modern market makers run automated systems that react to prices in milliseconds, across hundreds of trading pairs at once.
Why Size And Scale Matter
In crypto, size really does matter for market making.
Large firms:
Have more capital, so they can support more pairs and bigger orders
Stay active in volatile markets instead of pulling quotes
Keep spreads tighter and slippage lower for everyone
When liquidity is strong:
Traders get in and out without huge price impact
Token launches run smoother
Exchanges look more professional and attract more users
When liquidity is weak:
Prices gap on every large order
Slippage kills interest from serious traders
Even good projects look "illiquid" and risky
For any serious token launch or listing strategy, a professional market maker is now part of the basic stack, just like legal, smart contract audits, and KOL marketing.
10 Largest Crypto Market Makers In 2026
Exact volumes are not fully public, but based on public filings, press releases, and industry reports, these firms are widely seen as some of the biggest liquidity providers in crypto right now.
1. Wintermute
Wintermute is a crypto native trading firm founded in 2017 by Evgeny Gaevoy. It is known for high frequency market making and runs its own trading algorithms across spot and derivatives markets.
In 2024, Wintermute’s OTC desk hit a record single day spot volume of around 2.24 billion dollars and saw more than 300 percent year over year growth.
In Robinhood’s 2025 filings, Wintermute was credited with about 11 percent of the platform’s transaction based revenue, putting it among the largest crypto market makers serving US retail flow.
Wintermute works with 50 plus venues and supports listings, liquidity programs, and structured solutions for token teams and institutions.
Why it matters:
If you are listing on a top tier exchange, there is a good chance Wintermute is active in the background on at least some pairs. For larger tokens, they set the tone on spreads and depth.
2. B2C2
B2C2 is a London based liquidity provider founded in 2015 and later majority acquired by SBI, the Japanese financial group. It is one of the earliest institutional crypto trading firms.
In Robinhood’s Q1 2025 10 Q filing, B2C2 accounted for around 12 percent of transaction based revenue, matching the contribution from Citadel Securities.
B2C2 focuses heavily on institutional clients, including hedge funds, brokers, and regulated exchanges, and offers around the clock liquidity in major crypto and fiat pairs.
Why it matters:
If you are looking at institutional OTC flow or regulated venues in the UK, US, or Japan, B2C2 is often one of the counterparties on the other side of the trade.
3. GSR
GSR has been active since 2013, which makes it one of the oldest firms in crypto market making. It is positioned as a "capital markets partner" for digital assets, with activity across spot, derivatives, and structured products.
In 2025, GSR announced an agreement to acquire Equilibrium Capital Services, a broker dealer registered with the SEC and FINRA, to expand its regulated services in the United States.
GSR’s client list includes large protocol teams and infrastructure projects such as Ripple and several leading DeFi and staking platforms.
Why it matters:
GSR is one of the few firms that combines deep market making with US licensed brokerage infrastructure. For token teams dealing with US institutions, this is a big plus.
4. Amber Group / Amber International
Amber Group, founded in 2017 by ex Morgan Stanley, Goldman Sachs, and Bloomberg professionals, has grown into a full stack digital asset firm offering trading, market making, and asset management.
Its institutional arm, Amber International Holding Limited, went public on Nasdaq in 2025 under the ticker AMBR and operates under the brand "Amber Premium".
Amber reports handling billions of dollars in daily volume and working with more than 2,000 institutional investors globally.
Why it matters:
As a listed company, Amber provides more financial disclosure than most private market makers, which some institutions prefer when choosing liquidity partners.
5. DWF Labs
DWF Labs is a market maker and Web3 investor that has become one of the most active firms in token support and ecosystem deals.
As of 2025, DWF Labs reported a portfolio of more than 700 projects. Around 20 percent of those were in CoinMarketCap’s top 100 and more than 35 percent were in the top 1000.
It provides liquidity on 60 plus exchanges and supports hundreds of pairs across both CEX and DEX venues.
DWF combines market making, OTC, investments, and extra support like KOL introductions, TVL help, and event sponsorships.
Why it matters:
For early stage projects, DWF is one of the best known firms that can provide both liquidity and funding. At the same time, its involvement in price moves has generated debate in parts of the market, so teams need to think carefully about alignment and terms.
6. Cumberland (DRW)
Cumberland is the digital asset arm of DRW, a Chicago based proprietary trading firm with more than 30 years in traditional markets. It launched in 2014 and focuses on OTC and institutional liquidity.
Cumberland is known for:
Large block trades via OTC
Support for ETFs and structured products
Strong risk management driven by DRW’s legacy in traditional finance
Cumberland also holds a New York BitLicense, which is one of the tougher approvals in the US.
Why it matters:
If you are looking at big ticket OTC trades, treasury moves, or ETF related liquidity, Cumberland is often one of the most conservative and reliable desks.
7. Jane Street
Jane Street is one of the biggest liquidity providers in global finance. It is a quantitative trading firm active in equities, ETFs, fixed income, options, and now crypto.
Jane Street has been active in digital assets since around 2017, bringing:
Large capital
Very advanced execution technology
Cross asset experience
While crypto is only part of its business, its presence in Bitcoin, ETH, and derivatives markets has a visible impact on depth and spreads on institutional venues.
Why it matters:
For institutional products and structured trades that touch both traditional assets and crypto, Jane Street is often somewhere in the flow.
8. Galaxy Digital
Galaxy Digital, founded by Mike Novogratz, is a digital asset financial services firm that combines trading, asset management, investment banking, and venture.
It runs:
A trading and derivatives desk
An asset management arm
Advisory and investment banking services for token issuers and institutions
Galaxy is listed in Canada, which means it publishes regular financial reports and disclosures. Its client base includes large banks and corporates that want exposure to crypto through regulated channels.
Why it matters:
If you are a larger project, infrastructure provider, or institutional player, Galaxy can act both as market maker and strategic advisor, not just a trading counterparty.
9. Kronos Research
Kronos Research is a Taiwan based algorithmic trading firm focused on digital asset liquidity. It is especially active in newer tokens and emerging exchanges.
Known for fast deployment on token launches
Strong presence on Asian platforms and altcoin markets
Focus on volatile and less liquid pairs where many larger firms are slower to enter
Why it matters:
For early stage projects listing on mid tier exchanges or launching in Asia first, Kronos is one of the recognisable names that can move fast and support long tail liquidity.
10. Jump Crypto
Jump Crypto is the digital asset division of Jump Trading, another major quantitative firm from traditional markets.
Jump:
Runs high frequency strategies in spot and derivatives
Contributes to infrastructure projects like Wormhole and Pyth
Provides liquidity across several layer 1 and layer 2 ecosystems
The firm is known for its strong role in ecosystem support as well as controversy around some past exploits and bailouts, which still get discussed in crypto circles.
Why it matters:
Jump brings serious technical and capital resources. For chains and ecosystems, its involvement can be a major signal on both liquidity and infrastructure support.
How Market Makers Fit Into A Token Growth Strategy
Good liquidity does not magically create a strong project. But bad liquidity can kill a strong project very quickly.
Here is how market makers and marketing actually interact in real life:
Listings and launch days
Your KOLs, ads, and community push traffic. Market makers keep spreads tight so new buyers do not get punished by slippage.Price stability during campaigns
When you run a big KOL push or a major announcement, order flow spikes. Professional liquidity helps avoid huge wicks and panic.Confidence for serious traders and partners
Funds, whales, and market neutral players want to see depth, not just hype. Liquidity providers and clean order books are part of their basic due diligence.
The smoothest launches usually have three pieces working together:
Strong narrative and community
KOL and creator distribution
Professional liquidity support
If any one of these is missing, performance drops off fast.
What Drives The Growth Of Large Market Makers
A few clear factors explain why these firms keep getting bigger.
1. Institutional Adoption And OTC Flow
Pension funds, corporates, and large asset managers are now taking crypto seriously. They need:
Big block liquidity
Tight, reliable pricing
Professional settlement and reporting
That naturally pushes volume toward firms that already have the capital, tech, and compliance setup to handle it.
2. Regulatory Clarity
As more regions introduce clearer rules for digital assets, firms that invested early in compliance, licensing, and KYC processes are in a stronger position.
US broker dealer licenses
BitLicense in New York
Registrations in the UK, EU, and Asia
All of this makes institutions more comfortable working with them.
3. DeFi And On Chain Liquidity
Some market makers now bridge both CEX and DeFi.
Providing liquidity on AMMs
Running on chain strategies
Supporting cross chain bridges and oracles
This hybrid model gives them more reach across both centralized and decentralized markets.
4. Technology And Algorithms
At the core, market making is a technology business.
Low latency infrastructure
Smart inventory and risk systems
Models that update quotes across hundreds of markets in real time
Firms that invest heavily in tech can quote more pairs, take more risk, and still manage their books tightly.
Main Risks And Challenges For Market Makers
Even the biggest firms face serious pressure.
Market volatility
Fast moves can leave them holding inventory that suddenly drops in price. Bad hedging can turn into big losses very quickly.Regulatory risk
New rules can force changes in business models, capital requirements, or reporting standards.Counterparty risk
OTC desks and credit lines are exposed if a large client or venue fails.Concentration risk
If too much liquidity depends on a few firms, their withdrawal can create sudden gaps and big price swings across multiple exchanges at once.
For token teams and exchanges, this is a reminder to avoid relying on only one provider wherever possible.
How To Choose A Market Maker For Your Project
If you are a token team or an exchange, here are the basic questions to ask:
Do they have experience with tokens at your stage and size?
Which exchanges and regions can they support?
How transparent are the terms, fees, and inventory arrangements?
Do they mix market making with investment, and if yes, how are incentives aligned?
How do they handle reporting, communication, and risk management?
Get clear on whether you want:
Pure market making
A mix of liquidity and venture money
Broader ecosystem support
and negotiate contracts that reflect that.
Where KOLxGrowth Fits In
Market makers help your token move smoothly.
KOLs help your story move.
At KOLxGrowth, we do not provide market making, and we do not touch your order books. What we do is pair your liquidity plans with the right attention, through:
Crypto native and Web3 KOL campaigns
Influencer strategies across X, YouTube, Telegram, and podcasts
Launch plans that sync announcements, creator pushes, and market events
When projects combine professional liquidity from top market makers with smart KOL marketing, results scale far better than either one alone.
If you are planning a token launch or looking to upgrade your influencer strategy around an existing listing, you can reach out to the KOLxGrowth team and we will help you design the KOL side of the playbook so it actually converts, not just makes noise.
Frequently Asked Questions
1. What exactly does a crypto market maker do?
A crypto market maker continuously posts both buy and sell orders for a token. This keeps the order book active, tightens spreads, and lets traders buy or sell without huge price jumps. They earn the difference between bid and ask prices and manage the risk on their inventory.
2. Can smaller projects work with top crypto market makers?
Sometimes, but not always. The largest firms usually focus on big volumes and established projects. Early stage teams often work with mid sized or newer market makers that specialise in token launches.
3. Do market makers only work on centralized exchanges?
No. Many firms now operate on centralized exchanges, decentralized exchanges, and OTC. Some of them also run on chain strategies and provide liquidity to AMMs and cross chain protocols.
4. How does technology affect market making?
Algorithms and high speed systems let market makers change their quotes in milliseconds across many markets. Better tech means tighter spreads, more pairs, and better risk management.
5. Are market makers regulated?
The big ones usually are. Many hold licenses in the US, UK, Europe, and Asia, which helps them work with banks, funds, and listed companies.
6. How does market maker concentration affect the market?
If a few large firms control most liquidity, the market depends heavily on them. If one pulls out, spreads widen and volatility can spike. That is why multiple liquidity sources are healthier in the long run.
7. What should token projects look for in a market maker?
Reputation, technology, exchange coverage, communication, and incentive alignment. You want a partner that can support you through different market conditions, not just on launch day.
