What you think are MM's on L2 on the OTC are almost entirely normal retail investors. That said, there are some large independent investors on the OTC that act as MM's. I have met several over the years here on iHub.
They have large portfolios and will have multiple offers on the same stocks routed through different MM's... often on both sides of a trade. For all practical purposes, they are MMs! They can and do pressure stocks up and down for profit. But they do it with trades, not words. L3 gives them an edge that none of us have.
They are good at what they do, and their goal is to make money for themselves.
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