Market makers are part of the “invisible hand of the market” that ensure sufficient liquidity and stability of various assets, including crypto. From this article, you will learn about the role of market making for both crypto projects and individual traders and investors, as well as who the six of the most influential market makers in the crypto sphere are in 2025.
Role of Market Making in the Crypto Market
In order to promote smoother trading, which eventually helps both crypto asset issuers and individual traders, market makers’ main responsibility in the cryptocurrency market (and all other financial markets) is to quote buy and sell prices.
Market making helps crypto projects in many ways, but is particularly important for early-stage success. When a new token is launched, it frequently has low liquidity, which causes price fluctuations that divert investors. This issue is addressed by market makers, who, in a nutshell, increase limit orders on both sides, deepening a market and stabilizing prices while promoting trading activity. Additionally, liquidity provisioning improves market credibility and efficiency by preventing excessive price manipulation. Furthermore, a reputable market maker of crypto can significantly improve a project’s visibility and attractiveness to exchanges, increasing the chances of securing listings on prominent platforms.
At the same time, market making of cryptocurrencies is also beneficial for individual investors and traders. The bid-ask spread, or the difference between buy and sell prices, is reduced when buy and sell orders are continuously quoted by market makers. This lowers transaction costs and improves pricing overall. Moreover, it reduces the volatility risk by allowing traders, particularly those carrying out large orders, to enter and exit positions with little effect on the price. Overall, higher liquidity, resulting from market makers’ actions, creates a healthy, dynamic trading environment for the crypto market, which traders can take advantage of.
List of Biggest Market Makers in Crypto
1. DWF Labs
Since its founding in 2022, DWF Labs has quickly grown to become a major market maker of cryptocurrencies. This company uses sophisticated high-frequency trading (HFT) techniques to offer liquidity for a wide range of cryptocurrency assets across dozens of trading platforms, both centralized and decentralized. The DWF Labs’s portfolio comprises hundreds of crypto projects, including well-known but highly active ones like HeyAnon or Mask Network, as well as those from the top market cap rankings like TON, TRON, and Algorand.
Although DWF Labs is well-known for market making of crypto, its services are rather ecosystem-based and include venture capital, over-the-counter (OTC) trading, and the trading of derivatives like futures and options. These services are intended to cater to the diverse needs of blockchain startups, institutional entities and professional traders. In addition, DWF Labs started a few investment programs, such as the Liquid Fund and the AI Agent Fund, for projects in specific Web3 sectors.
2. GSR Markets
GSR Markets is one of the oldest institutional crypto trading companies and liquidity providers, having been founded in 2013. This firm provides a wide range of services, such as risk management programs and OTC trading. GSR has worked with a wide range of customers, including cryptocurrency miners, institutional investors, projects, and exchanges.
In addition to providing liquidity, GSR positions itself as a multi-stage investor within the crypto ecosystem, having made investments in more than 200 blockchain protocols and startups. The company’s strategy is centered on encouraging creativity and aiding Web3 initiatives that further the development of digital assets and blockchain technology.
3. Jane Street
Jane Street is a quantitative trading company, serving as a major source of liquidity for international financial markets, including stocks, bonds, and exchange-traded funds (ETFs). Following their entry into the cryptocurrency market, this firm’s operations significantly expanded. According to the press, their crypto trading activity tripled in 2024.
The company uses proprietary technology and advanced quantitative analysis to support effective trading operations across more than 200 trading venues in more than 45 countries. Due to growing regulatory scrutiny, Jane Street made the decision to exit the U.S. market in 2023, which sparked conversations about the regulatory complexities of the crypto market.
4. Cumberland
Since 2014, Cumberland, a division of DRW, has been a major participant in the trading of crypto. This company mainly serves institutional investors by offering deep liquidity for digital assets. Additionally, Cumberland offers bilateral crypto options and non-deliverable forwards, primarily in Bitcoin (BTC) and Ethereum (ETH).
Cumberland offers trading services in addition to making calculated investments to develop the cryptocurrency market. They also engage in regulatory discussions, invest in promising crypto projects, and work with both traditional finance companies and DeFi protocols.
5. Bluesky Capital
Bluesky Capital was established in 2014. The firm focuses on market making of crypto and investment management. The company offers services like market-neutral investment products and HFT trading, while using systematic trading strategies.
Apart from cryptocurrency market making, Bluesky Capital provides a number of investment programs, specifically cryptocurrency asset management, cryptocurrency hedge funds, and HFT, to generate returns that are independent of the larger cryptocurrency market while upholding strict risk management.
6. Jump Trading
By means of its division Jump Crypto, Jump Trading has been very active in developing and maintaining global blockchain infrastructure. Specializing in high-frequency and algorithmic trading, they offer liquidity provision across major crypto markets.
Reports in 2023 suggested Jump Trading was reducing its U.S. cryptocurrency activities under regulatory pressure. However, by early 2025, though, they were said to be reviving their U.S. digital asset desk, indicating a renewed market commitment.
Closing Thoughts
The role of market makers in the crypto ecosystem is undeniably significant, providing essential liquidity and facilitating smoother trading experiences. In 2025, the crypto market making space is dominated by several firms listed in this article: DWF Labs, GSR Markets, Jane Street, Cumberland, Bluesky Capital and Jump Capital. However, as the industry continues to evolve, so too do the challenges that market makers of cryptocurrencies face. Transparency, regulatory compliance, and adaptability will be crucial for them to maintain their positions and trust within the market.
