The real cryptocurrency market that many people don't know:


• No single market maker - it's a chaotic game among multiple large holders + MM + institutions + retail investors
• MM does not absorb buy orders; the profit from market making comes from the spread, not direction - they do two-way market making
• Those who truly build positions are OTC off-exchange buyers and large holders; they mainly use spot + futures arbitrage, which may not be reflected in perpetual OI
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