Market Makers

Bitcoin and ether are trading in price zones where market-maker hedging may amplify rather than absorb market moves. Options positioning suggests a fragile setup in which falling prices could trigger more selling, while rebounds could draw additional buying.

Bitcoin and ether order books are now deeper than they were during the historic Oct. 10, 2025 crash, signaling renewed market maker capital in the largest crypto assets. Altcoins and spot trading activity remain weaker, showing a widening liquidity divide across digital assets.

Public trade data from Kalshi’s bitcoin and ether perpetual-futures markets shows a large share of sampled activity came from recurring fixed-dollar trade sizes. The pattern points to possible automated execution, though the data does not identify the traders or establish wrongdoing.