BigTime says market-making announcements often leave key contract terms hidden
BigTime argues that one of crypto’s most common headlines — a market maker officially coming on board — often reveals far less than readers assume. In a research note focused on market-making partnerships and disclosure, the firm said industry statistics from April 2026 showed that fewer than 1% of crypto projects disclosed the terms of their market-making agreements. Without those terms, the market cannot tell whether a deal is simply a liquidity service arrangement or a structure that also includes future token sale pathways. The report breaks typical agreements into five parts: token lending and inventory, option structures, quoting obligations, fees and incentives, and exit terms. BigTime said the overlap between contract expiry and token unlock schedules can make real sell pressure difficult to verify. It also stressed that opaque terms do not by themselves prove manipulation; the issue is that outside observers cannot verify what is happening without full records. As reference points, the report cited GSR’s asset-management disclosure practices, including its BESO active ETF listed on Nasdaq in April 2026 and weekly updates for its Core3 model portfolio, as well as Binance’s tightening of market-maker rules in March 2026. BigTime said readers should ask four questions when they see these announcements: what service is being provided, whether any terms are disclosed, how expiry dates line up with unlock schedules, and how long quoting obligations last.
