GSR Market Withdraws $1.1 Million ARKM from Centralized Exchange

On-chain analyst The Data Nerd reported on X that "in the past hour, an estimated address of crypto market maker GSR Market has withdrawn 730k ARKM ($1.1 million), 8.9 million USDT from a centralized exchange (CEX). Currently, this address holds 2.82 million ARKM ($4.29 million), 9.31 million USDT." This news follows a recent trend of market makers withdrawing large sums of ARKM from centralized exchanges. In May, crypto market maker Alameda Research withdrew 2.1 million ARKM, worth about $3.2 million at the time, from centralized exchanges. The withdrawals suggest that market makers are increasingly moving their ARKM to decentralized exchanges (DEXs) or hardware wallets. This could be due to a number of factors, including the increasing popularity of DeFi and the growing regulatory scrutiny of centralized exchanges. It is worth noting that the withdrawal of ARKM from centralized exchanges does not necessarily mean that the market makers are selling their ARKM. They may simply be moving their ARKM to a different location for safekeeping or to participate in DeFi activities. Only time will tell what the long-term implications of this trend will be. However, it is clear that market makers are increasingly moving their ARKM to decentralized exchanges or hardware wallets. This could be a sign of a growing shift towards DeFi and a more decentralized financial system.