What is a market maker?

A trader or firm that constantly quotes both buy and sell orders and earns on the spread rather than on direction.

Market makers keep limit orders on both sides of the order book and profit from the spread and maker rebates. Their positions change all the time and say little about where the price is heading.

That is why a market maker’s large position is not a bet: it may be hedged elsewhere or closed a minute later.

On HyperScan

HyperScan marks wallets with huge turnover relative to balance as market makers and leaves them out of the directional whale statistics.