Top Four Market Makers Suffer Collective Losses of $23.5 Million in the Past 30 Days, Two May Have Suspended Liquidity Provision

On August 11, monitoring revealed that four well-known market-making institutions recorded losses over the past 30 days, totaling more than $23.515 million, with a trading volume of approximately $17.254 billion during this period. The top four market makers collectively suffered losses of $23 million in the past 30 days, and two may have suspended liquidity provision.

The four well-known market-making institutions recorded losses over the past 30 days, totaling more than $23.515 million, with a trading volume of approximately $17.254 billion.

The historical cumulative profits of the four addresses remain positive, with Wintermute accumulating approximately $212 million, Auros Global about $66.994 million, Cumberland around $23.393 million, and Flow Traders' associated address about $3.16 million.

However, since reaching a peak in profits in early July, the four addresses have collectively given back approximately $27.075 million. Notably, the losses in the past 30 days were significantly concentrated during a few periods of intense volatility in mid-July.

Among them:

• Wintermute (0xecb): experienced a drawdown of approximately $5.651 million from the morning of July 14 to the morning of July 15, with a perpetual account drawdown of about $6.733 million, the largest among the four;

• Cumberland's associated address (0xfc6): saw a drawdown of approximately $4.041 million from the morning of July 14 to the early morning of July 15, with a perpetual account drawdown of about $4.361 million;

• Auros Global (0x023a): recorded a drawdown of approximately $1.937 million from the morning of July 14 to the morning of July 15, with a perpetual account drawdown of about $2.393 million;

• Flow Traders' associated address (0x3037): experienced a drawdown of approximately $1.127 million from the morning of July 13 to the morning of July 14.

Each of the four addresses had a maximum drawdown of approximately $12.756 million over about 24 hours, accounting for about 54% of the total losses in the past 30 days. The maximum drawdowns for three of them were concentrated between July 14 and 15.

In terms of news, on July 13, tensions between the U.S. and Iran escalated, pushing crude oil prices up by about 5% in a single day; on the evening of July 14, U.S. CPI came in significantly below expectations, rapidly cooling interest rate hike expectations, leading to a collective rally in BTC, ETH, and U.S. risk assets. The maximum drawdowns for Wintermute, Cumberland, and Auros were concentrated on the latter date, while Flow Traders' associated address saw its maximum drawdown a day earlier.

Among existing positions, Wintermute's current losses are primarily concentrated in PUMP, ZRO, SOL, and ETH inventories; Auros Global is significantly affected by short positions in PUMP; Flow Traders' associated address is experiencing considerable losses in crude oil short positions, SK Hynix long positions, and index positions.

As of the time of writing, Wintermute and Auros Global still maintain visible two-sided limit orders on 75 and 61 assets, respectively; Cumberland and Flow Traders' associated addresses have not shown two-sided quotes recently, possibly indicating a temporary exit from liquidity provision.

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