# Сопутствующие статьи по теме Altcoins

Новостной центр HTX предлагает последние статьи и углубленный анализ по "Altcoins", охватывающие рыночные тренды, новости проектов, развитие технологий и политику регулирования в криптоиндустрии.

Advancing MM 1: Market Maker Inventory Quoting System

"Attack of the MM 1: Market Maker Inventory Quoting System" by Dave explores why altcoin prices often move against retail traders immediately after their purchases, debunking the myth of intentional manipulation by "market manipulators." The article explains that this phenomenon is not due to malicious intent but is a result of automated market maker (MM) systems using the Avellaneda-Stoikov model for inventory-based pricing and protection against toxic order flow. When retail traders execute large buy orders, MMs sell, leading to a short inventory exposure. To mitigate risk, MMs adjust their strategies in two ways: 1. **Quote Skew**: They lower prices to attract sellers and discourage further buys, aiming to replenish inventory and protect their short position. 2. **Spread Widening**: They widen bid-ask spreads to reduce transaction probability and earn more spread profit to offset potential losses. The core mechanism involves the "Reservation Price," calculated as Mid Price − γ⋅q (where q is inventory and γ is risk aversion). Large retail orders disrupt inventory balance, causing MMs to adjust prices dynamically. Retail traders often face this due to their concentrated, unconcealed, and unhedged orders, especially in low-liquidity altcoins where their trades significantly impact pricing. The article concludes with a practical tip: instead of executing large orders at once, retail traders can break them into smaller, staggered orders to exploit MM pricing adjustments, achieving better average entry prices. A follow-up will discuss toxic order flow and order book dynamics.

深潮12/28 04:12

Advancing MM 1: Market Maker Inventory Quoting System

深潮12/28 04:12

Bitcoin's 'Never-Setting Sun' and Altcoins' 'Twilight of the Gods': Has the Four-Year Cycle Really Ended?

The crypto market in 2025 is experiencing an unprecedented divergence: Bitcoin (BTC) reached new highs of $125,000 driven by institutional inflows via ETFs, while Ethereum (ETH) struggled around $2,800, and most altcoins fell 80-95% from their 2021 peaks. The traditional four-year cycle—where BTC leads, ETH follows, and altcoins surge—has broken down. This "great divergence" is fueled by institutionalization. BTC has become a "digital tech stock," correlated with Nasdaq, as traditional asset managers like BlackRock channel hundreds of billions solely into Bitcoin, creating a "one-way siphon" that leaves altcoins behind. ETH faces a "midlife crisis" due to Layer 2 solutions diverting value away from the mainnet and a lack of compelling new narratives. Altcoins are in a "liquidity black hole," plagued by high FDV/low float VC tokens, meme coin fatigue, and collapsing exchange liquidity. Major 2026 forecasts from Grayscale and CoinShares predict this structural shift is permanent. They expect BTC dominance to rise further, with BTC potentially reaching $150,000, while ETH undergoes a painful transformation. Most altcoins will be wiped out in a "Darwinian cleansing," with only projects offering real utility, sustainable revenue, and a clear regulatory path surviving. The four-year cycle isn't dead but has transformed. Future cycles may be "lame bull markets" where BTC rallies alone or with minimal spillover, signaling a permanent shift from a speculative, retail-driven market to an institutionalized, utility-focused one.

marsbit12/25 00:21

Bitcoin's 'Never-Setting Sun' and Altcoins' 'Twilight of the Gods': Has the Four-Year Cycle Really Ended?

marsbit12/25 00:21

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