Market makers are replenishing BTC liquidity: 109.93 BTC just flowed into GSR Markets

On-chain data shows that a large BTC transfer has just occurred. According to Arkham data, at 05:38 Beijing time on January 20, 109.93 BTC (approximately $10.22 million at current prices) was transferred from an anonymous address. After routing through intermediaries, part of it flowed into market maker GSR Markets. Such transfers typically reflect market participants adjusting their positions and liquidity allocations.

Transfer Details and Privacy Design

The logic behind multi-layer transfers

This transfer employs a typical privacy protection method: moving from an anonymous address (bc1qft9wl…) to another anonymous address (bc1qptshy…), then transferring a portion of BTC (1.449985 BTC) to GSR Markets. The multi-layer routing design usually serves several purposes:

• Hiding the true source and destination of funds
• Increasing the difficulty of on-chain tracking
• Possibly involving the aggregation and distribution of funds from multiple parties

However, it is worth noting that the portion ultimately flowing into GSR Markets (1.449985 BTC) remains transparent and traceable, indicating that GSR Markets, as a licensed market maker, has a publicly known address.

Market significance of transfer scale

109.93 BTC is a notable transfer in the current market. At the current BTC price of $92,978, this transfer amounts to roughly $10 million. For market makers, such position-adding actions usually occur under the following circumstances:

• Increased market liquidity demand
• Market makers optimistic about recent market trends, increasing BTC exposure
• Providing liquidity support for specific trading pairs or contracts

GSR Markets’ position adjustments

According to the latest data, GSR Markets’ wallet value has decreased by $15.95 million over the past week. Nonetheless, in this context, the firm is still actively increasing holdings in mainstream assets like BTC, SOL, POL, while also establishing positions in emerging tokens such as FET, ALT, BONK.

This “selective reduction” strategy indicates that GSR Markets’ capital adjustments are not merely risk avoidance but involve more refined asset allocation—reducing certain holdings while increasing positions in key assets. An increase in BTC holdings, as a core asset of the crypto market, is often seen as a signal that market makers are optimistic about market liquidity and stability.

Market background and BTC trend

Currently, BTC is in a correction phase. According to recent data, BTC has fallen 2.48% in the past 24 hours but has still increased 1.87% over 7 days and 5.33% over 30 days. This short-term correction amid a long-term upward trend often attracts market makers to replenish liquidity.

Movements like those by large market makers are generally viewed by market participants as important reference signals—though they do not directly predict price direction, they reflect institutional assessments of market liquidity.

Summary

This BTC transfer reflects market makers actively managing liquidity positions. The inflow of 109.93 BTC into GSR Markets, while only part of their overall position adjustment, is noteworthy in the context of dispersed market liquidity. Such transfers typically indicate institutional assessments of the need for market stability and may also suggest that market participants expect increased trading activity in the near future. It will be interesting to observe how this BTC is ultimately used for market making and liquidity provision.