🔥 Is Market Maker (MM) doing for ICP?

1) GSR Markets – the main MM of ICP (confirmed by DFINITY)

GSR is one of the largest Market Making companies in the world and partners with many Layer-1 projects.

Signs that GSR is manipulating the price for ICP:
• Long-term partner of DFINITY.
• Participates in the “liquidity partnership” program.
• ICP volume on major exchanges shows trading patterns consistent with GSR.

➡️ GSR = the liquidity controller of ICP at the exchange level.

2) DFINITY's internal MM team (treasury + long-term campaigns)

Dfinity has:
• A large treasury
• Multiple token unlocks
• Cold wallet system
• Many long-term plans, so they need MM to control volatility and prevent “project death”.

Dfinity doesn’t “pump,” but they:
• Neo price to avoid collapse
• Protect margins
• Manage OTC liquidity

➡️ Project team = defensive MM (defensive MM).

3) Early investor whales + associated VC funds

Examples:
• Polychain
• Andreessen Horowitz (a16z)
• SV Angel
• Aspect Ventures
• Multicoin (indirectly involved but related)

These funds don’t technically act as MMs, but they:
• Exit according to unlock schedules
• Create selling pressure
• Lead MMs to adjust liquidity

→ In reality, whales + MMs work together to create bullish/bearish waves.

🧨 Why is ICP’s price often “pushed down” instead of a strong pump?

Three very clear reasons:
1. Whales unlock periodically → MMs have to “sell to absorb liquidity.”
2. MMs keep the price stable, preventing strong pumps to avoid being “pumped up then dumped.”
3. DFINITY wants a real ecosystem development, not a pump-and-dump campaign.

→ Result: ICP moves sideways, making it difficult to have a dedicated altseason.