#美国政府停运 Have any of my fren who trade cryptocurrency encountered this situation: suddenly wanting to sell an altcoin at three in the morning, and the sell order gets filled in seconds? Or when the market experiences a big dump, the price is falling but hasn't actually crashed to zero?

Behind this, there are actually two invisible hands supporting the market - market makers.

What exactly are they doing?

In simple terms, it is like the "24-hour convenience store owner" in the market. If you want to buy cigarettes at midnight, the store is open; if you want to sell a second-hand graphics card, they will take it. Market makers play this role on exchanges: when you place a buy order, they quote a sell price to you; when you place a sell order, they quote a price to take your goods. They earn the difference between the buy and sell prices, just like a small store earns the difference between the purchase price and the retail price.

This sounds simple, but its effect can be significant.

First, the market "comes alive" because of him. What is the most feared thing in cryptocurrency trading? It's the late night when no one is buying, and your order hangs for a long time without anyone wanting it. Market makers are always on standby to ensure that there are counterparties at all times; this is called "providing liquidity"—the blood circulation of the market relies entirely on this.

Secondly, he can prevent the price from going crazy. When the market experiences panic selling, the market maker must continue to take orders as per the agreement, which is like catching a falling knife; when the market is overheated, he can sell chips to cool it down. He is like the shock absorber of a car, ensuring that no matter how bumpy the road is, you won't be thrown out.

In the end, those newly listed coins or obscure altcoins cannot survive without them. Retail investors dare not touch them, and large investors disdain playing with them. Market makers step in to provide a basic buy and sell order, at least making it look like someone is trading this coin, and only slowly can it attract real users.

So don't think of market makers as unscrupulous intermediaries. They are backed by real money and certified by exchanges as infrastructure. Every order you can execute instantly may have them silently placing orders behind it.

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