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Listen "Market Makers Explained | How Liquidity Dried Up in the 2025 Crypto Crash"
Episode Synopsis
Hosted by BMX DeFi, the leading cryptocurrency podcast for real insights into DeFi, Web3, and onchain finance.
In this episode of Unwrapped, we break down the hidden mechanics behind the 2025 crypto crash — and the market makers who quietly make (and break) liquidity across exchanges.
When $3.2 billion vanished in under an hour, it wasn’t a hack — it was a liquidity vacuum. We unpack how market makers keep crypto markets running, why they suddenly disappeared, and what their retreat revealed about the fragility of centralized and decentralized liquidity alike.
We explore:
What market makers actually do — and why liquidity depends on them
The “grocery store” model that explains how prices stay stable
How exchanges pay market makers through rebates and incentives
The hidden risks: inventory exposure and “adverse selection”
Why their retreat turned a dip into a full-blown crypto crash
Whether you’re crypto-curious, deep into DeFi, or building the next generation of onchain finance, this episode reveals the invisible systems that keep the cryptocurrency market alive.
👉 Subscribe on Spotify, Apple, or YouTube, and follow us on X (@BMXDeFi) for more from the leading crypto podcast covering all things DeFi, NFTs, onchain culture, and all things in the BMX ecosystem.
In this episode of Unwrapped, we break down the hidden mechanics behind the 2025 crypto crash — and the market makers who quietly make (and break) liquidity across exchanges.
When $3.2 billion vanished in under an hour, it wasn’t a hack — it was a liquidity vacuum. We unpack how market makers keep crypto markets running, why they suddenly disappeared, and what their retreat revealed about the fragility of centralized and decentralized liquidity alike.
We explore:
What market makers actually do — and why liquidity depends on them
The “grocery store” model that explains how prices stay stable
How exchanges pay market makers through rebates and incentives
The hidden risks: inventory exposure and “adverse selection”
Why their retreat turned a dip into a full-blown crypto crash
Whether you’re crypto-curious, deep into DeFi, or building the next generation of onchain finance, this episode reveals the invisible systems that keep the cryptocurrency market alive.
👉 Subscribe on Spotify, Apple, or YouTube, and follow us on X (@BMXDeFi) for more from the leading crypto podcast covering all things DeFi, NFTs, onchain culture, and all things in the BMX ecosystem.
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