I recently observed the operations of two active market makers and here are my observations: 1. Binance remains the liquidity hub. Regardless of external claims of declining market share, liquidity still resides on Binance. Market makers are currently operating by buying little or no spot, controlling prices on Binance Futures/Aster Futures. Other exchanges are merely auxiliary tools for unloading/replenishing positions. 2. Binance's risk control is now insanely strict. If there are issues with the risk margin/large-scale liquidation, accounts with large profits are immediately ADR+ and withdrawals are prohibited. They also trace back some accounts that traded in the early stages. Active market makers are difficult to prevent; it's a constant battle between law and crime. Even with FUD, Binance will find it hard to completely eliminate this practice. Binance's risk control/reporting system is only temporarily effective. Risk control models will eventually be figured out, and a report can simply be ignored. As far as I know, for project teams, very few ultimately pocket substantial profits. Most simply convert a portion of their holdings into USDT, giving themselves a reason to leave. For retail investors, playing against the big players is a recipe for certain death.