# Bài viết Liên quan Market Maker

Jane Street: The Most Powerful Behind-the-Scenes Operator in the Crypto Industry

Jane Street: Crypto's Most Powerful Behind-the-Scenes Operator A recent 13F filing revealed Jane Street, the secretive Wall Street quant giant, drastically reduced its Bitcoin ETF holdings while increasing stakes in Ethereum ETFs. This move highlights its role not as a directional investor, but as a critical infrastructure player extracting "tolls" from crypto's institutionalization. The firm, founded in 2000 and famously lacking a CEO, has systematically embedded itself across crypto markets. It acts as a key Authorized Participant (AP) and market maker for major Bitcoin and Ethereum ETFs, profiting from arbitrage between ETF shares and underlying assets. Its approach combines quantitative prowess with a willingness to hold positions for structural arbitrage, differing from pure high-frequency traders. Jane Street faces allegations related to the 2022 Terra (LUNA) collapse. A lawsuit claims it used non-public information to withdraw $85 million in UST minutes before a critical withdrawal by Terraform Labs, allegedly exacerbating the crash and avoiding over $200 million in losses. The company denies the claims. Further indicating its reach, a wallet suspected to be operated by Jane Street ("JaneStreetIndia") was identified on the prediction market Polymarket. This bot executed over 11,000 high-frequency trades on short-term crypto price movements with a near-perfect win rate, showcasing a套利 strategy divorced from traditional prediction. Beyond trading, Jane Street holds equity in crypto infrastructure like Kraken, 1inch, and Arbitrum, and mining stocks. Its strategy is clear: avoid betting on winners, but secure a position in the market's essential plumbing. By becoming a ubiquitous part of the liquidity infrastructure—from ETFs to OTC trading and potentially链上 markets—Jane Street operates as a market force itself, raising questions about whether crypto's decentralized,散户-friendly alpha is being permanently eroded by traditional finance's most sophisticated players.

Foresight News06/16 03:32

Analyst Exposes Bitcoin Market Maker Buy Strategy, Shows What Happens When Accumulation Ends

A crypto analyst, Merlijn The Trader, has presented a market structure model suggesting Bitcoin is following an institutional trading cycle. The model outlines four key phases: a "Distribution" phase where large holders sold BTC near highs, a sharp "Flush" that dropped prices 38% to eliminate weak traders, the current "Accumulation" phase where institutions are buying in a tight range between $60k-$77k, and a future "Re-accumulation" period. The analyst projects that once accumulation ends, Bitcoin could break out to new all-time highs, with a potential target above $142,000 by early 2027. Holding above the $70,000 resistance level is critical for this bullish scenario to remain valid.

bitcoinist04/18 03:01

Interpreting Polymarket's Major Updates Last Night: Expanded Fees, Self-Regulation, and New Incentives

Polymarket, a prediction market platform, announced a series of major updates focused on self-regulation, fee expansion, and new incentive mechanisms. Key updates include enhanced market integrity rules explicitly prohibiting insider trading, market manipulation, and trading by entities capable of influencing event results. This aims to increase transparency and build regulatory trust. A new dynamic fee structure will be implemented starting March 30, 2026, expanding beyond Crypto and Sports to include Finance, Politics, Economics, Culture, and Weather. Fees peak when contract prices are near 50% probability. The platform also opened its referral program to all users with over $10k in trading volume, offering a 30% fee rebate for direct referrals and 10% for secondary ones. Additionally, a market maker rebate program was launched, redistributing a portion of taker fees to liquidity providers daily in USDC, with rebate rates varying by market. While the community anticipated a token airdrop, the announced updates are seen as long-term operational improvements, with overall positive sentiment.

Odaily星球日报03/24 02:07

How Much Money Has Kalshi Actually Made? Deconstructing the Prediction Market Business Behind 200 Million Trades

In this analysis of Kalshi, a leading prediction market platform, the author examines its business model, transaction data, and regulatory landscape. By accessing Kalshi’s public API, the study reveals that the platform has processed over 203 million transactions with a total volume exceeding $41.7 billion. More than 82% of this volume comes from sports betting, positioning Kalshi as a de facto sports gambling platform accessible to users as young as 18. The platform operates a central limit order book (CLOB) where users trade binary contracts that settle at either $1 (if the event occurs) or $0 (if it does not). Kalshi generates revenue through a variable fee structure: Takers pay a fee based on the formula 0.07 × C × P × (1-P), where C is the number of contracts and P is the price, while Makers pay a quarter of that rate. Total fee income amounts to $545.6 million. Kalshi ecosystem includes markets, events, and series, with major volumes driven by events like the 2024 U.S. presidential election and Super Bowl outcomes. The platform’s fee model is compared to traditional sportsbooks, highlighting how its variable structure adapts to implied probability. Regulatory oversight falls under the CFTC, though enforcement remains limited, creating a grey area that allows Kalshi to operate with fewer restrictions than conventional gambling platforms. The analysis also touches on market结算 practices, liquidity incentives, and the broader context of prediction markets, including competitors like Polymarket and regulatory cases such as PredictIt’s legal battle with the CFTC.

marsbit03/13 04:30

Did Jane Street 'Manipulate' BTC? Deconstructing the AP System and Understanding the Pricing Power Game Behind the ETF Creation and Redemption Mechanism

The article investigates allegations that Jane Street Capital manipulated Bitcoin prices by exploiting the ETF creation and redemption mechanism. It clarifies that the issue is not unique to Jane Street but stems from structural features of the Authorized Participant (AP) system common to all Bitcoin ETFs, including those from major firms like JPMorgan, Goldman Sachs, and Citadel. APs hold a unique regulatory exemption under Reg SHO, allowing them to create and redeem ETF shares without typical short-selling constraints like borrowing costs or hard deadlines. This creates a potential conflict: while market inefficiencies (e.g., ETF trading below NAV) should naturally attract arbitrageurs to correct prices, APs—who control the arbitrage pipeline—may delay arbitrage to profit elsewhere, such as in derivatives markets. The shift to in-kind (rather than cash) creations/redemptions further reduced structural buying pressure on Bitcoin spot markets. The core problem is not deliberate price suppression by any single AP but a systemic flaw: the AP framework, designed for traditional finance, may undermine price discovery integrity for Bitcoin. The article concludes by questioning whether existing regulatory frameworks are suitable for an asset class predicated on decentralization.

marsbit02/28 12:48

Top Market Maker Wintermute Reveals: Are Retail Investors No Longer Trading Cryptocurrencies?

The leading crypto market maker Wintermute reveals a significant shift in retail investor behavior: instead of investing simultaneously in both cryptocurrencies and stocks, retail traders are now choosing between them. Historically, crypto and stock flows moved together, but since late 2024, they have exhibited a strong negative correlation. Key factors driving this change include the structural compression of crypto’s volatility premium relative to stocks, reducing its appeal as a high-risk, high-reward asset. Improved accessibility through fintech platforms has made it easier for capital to move between crypto and equities, while AI-powered tools have enhanced retail traders’ analytical edge in stock markets—an advantage still lacking in crypto due to its unclear valuation frameworks. As a result, crypto is becoming just one option among many in retail portfolios, rather than the primary speculative arena. Investors are advised to adopt a multi-asset portfolio perspective when analyzing crypto markets, as traditional indicators like M2 money supply have lost predictive power.

比推02/27 20:17

Jane Street Halts "10 AM Dump", BTC Stages Strong V-Shaped Rebound Nearing $70K Mark

BTC experienced a strong V-shaped rebound, approaching the $70,000 mark, with ETH and SOL also showing significant gains. Market sentiment improved as Bitcoin spot ETFs recorded net inflows, potentially ending a five-week outflow streak. The rally was fueled by a mix of market dynamics, including allegations against Jane Street for allegedly suppressing Bitcoin’s price through systematic trading practices, though some analysts dismissed long-term manipulation claims. Positive quarterly earnings from Circle and Nvidia further boosted confidence, highlighting strong demand for stablecoins and AI-related investments. Institutional interest grew, with university endowments beginning to allocate to crypto ETFs, and mining firms showed resilience amid market volatility. The rebound provided a renewed narrative for market optimism, though its sustainability remains to be seen.

Odaily星球日报02/26 06:27

Luna Crash Culprit, Bear Market, AI Anxiety...

Crypto KOLs on X are discussing three main topics. First, allegations that Jane Street, a trading firm, played a key role in the 2022 Terra (LUNA) collapse by exploiting structural weaknesses in the algorithmic stablecoin. Critics argue Terra was a Ponzi scheme with a flawed design, and Jane Street merely acted on insider information and mathematical advantage. Second, the community is focused on surviving the prolonged crypto winter, emphasizing capital preservation and avoiding impulsive trades. Finally, there's growing anxiety about AI's rapid advancement, with concerns about its potential to disrupt jobs, create economic inequality, and even pose existential risks, alongside debates about its potential benefits.

比推02/25 00:45

Wintermute sees tokenized gold market tripling to $15B in 2026 – Here’s why!

ambcrypto02/18 07:02

Bhutan Starts Selling Bitcoin Again: Arkham Flags $22.4 Million

bitcoinist02/05 12:02