Depends on their strategy but a lot of strategies depend on some sort of price discovery which requires having a probable estimate of what the current price sho

Depends on their strategy but a lot of strategies depend on some sort of price discovery which requires having a probable estimate of what the current price should be and some form of market making around the level. In a very dislocated market the price is unknowable and it becomes gambling, and generally market making strategies are explicitly not about gambling but about facilitating trades around the “true” price.