I've been active in the market these days and realize that many of you still have a vague understanding of the concept of Market Maker. Actually, what is an mm, and why is it so powerful?

You might have encountered situations like placing buy or sell orders with no counterpart, or sudden price jumps that don’t follow logic. That’s the “ghost” of các nhà tạo lập thị trường — large organizations like sàn giao dịch, quỹ đầu tư, and whales in crypto. Simply put, an mm is someone who provides liquidity to the market; they are the bridge between buyers and sellers.

The great thing about mm is that they provide continuous liquidity. When you want to enter or exit a position, your order often gets matched thanks to them, not just by luck of finding someone with the same intention. At the same time, they profit from the bid-ask spread and commissions from the sàn giao dịch. Especially when a new token is listed, mm will control the tính thanh khoản to create momentum for the price.

But then, what is an mm that causes so much controversy? It’s because they hold too much quyền lực. As you can see, they can pump the price, sweep liquidity liên tục, and even “eat” our stoplosses. They know support-resistance levels well, know how to excite you, then push you into 絕vọng. The problem is, they are not tightly regulated, so market manipulation is bình thường in this environment.

Overall, whether an mm is good or bad isn’t entirely clear. They bring tính thanh khoản, create a sân chơi cạnh tranh, and make it easier for you to enter and exit. But at the same time, they are also the ones “finding ways to rút tiền” from us. I often say that Market Makers know how to make you excited and also how to make you hopeless — that’s their bản chất.

What do you think about this? Are mm tốt hay xấu? Feel free to comment below and join the discussion.