Ah okay thanks. I always just considered professional market makers (as described there) as just another kind of participant or counter-party who just has a par

Ah okay thanks. I always just considered professional market makers (as described there) as just another kind of participant or counter-party who just has a particular strategy and maybe takes advantage of volume rebates or similar (but basically transparent) incentives to act as a liquidity provider. But I see that you're making a comparison about bitcoin markets where that kind of structure is mostly not there. That reminds me. For anyone interested, there's an interview with a HFT market-making guy here who set up the LXDX exchange for crypto derivatives and who talks a bit about the differences in market microstructure: https://www.youtube.com/watch?v=xkhLZXLb8mU https://www.youtube.com/watch?v=xkhLZXLb8mU