The collapse of Sam-Bankman Fried’s digital assets exchange, FTX, has had industry-wide ramifications, one of them being market makers increasing their share of crypto options trading volumes.

As of Friday, the notional value of the month-to-date interdealer flow on the institutional-grade, over-the-counter (OTC) communications platform Paradigm was $633 million, or 43.5% of the total crypto options trading volume of $1,455 million. That’s the highest since at least January this year.

“More buy-side takers (hedge funds/family offices/HNW) are sitting on the sidelines, and a higher proportion of Paradigm volumes is occurring between market makers,” Paradigm tweeted, adding that the options market fells more “interdealer” than before FTX’s meltdown.

An options trade is said to be an interdealer trade when both the price taker and the price maker are market-making firms, that is entities with a contractual obligation to maintain a healthy level of liquidity on an exchange. Trading between dealers or interdealer trading is a common feature in most financial markets, particularly those dominated by institutions dealing in large orders.

Price makers create orders and wait for them to be filled. In other words, they bring liquidity to the market. Takers remove liquidity from the market by taking available orders.

The crypto market, like traditional finance, comprises the “buy side” and the “sell side.” The buy side invests in assets and includes pension funds, mutual funds, institutional investors, hedge funds and retail investors. The sell side, which includes commercial banks, investment banks, market makers, stockbrokers and other entities, is concerned with creating, promoting and issuing traded securities.

While Paradigm is an OTC communications platform, its fortunes are closely tied to Deribit, the world’s leading centralized crypto options exchange by trading volumes and open positions. Trades facilitated by Paradigm are automatically executed, margined and cleared at Deribit.