April 21, 2025

Yesterday, the Bitget incident caused quite a stir because there was an issue with a market-making bot for one of the coins, resulting in extremely high-frequency price spikes within 10 minutes. Many people seized this opportunity, trading back and forth with a small amount of capital, and since it was a contract, they could leverage it many times over. It is said that some people made hundreds of thousands to millions of USDT. Although Bitget promptly identified the issue and temporarily restricted withdrawals, a few individuals still managed to successfully withdraw, capitalizing on this unexpected windfall.

This is not the first time such an incident has occurred, nor will it be the last. I mention this not to stand on a moral high ground to criticize those who exploited the loophole, nor to condemn Bitget's intervention, because everyone acts from their own interest perspective, and there is no right or wrong. In my view, this is a form of arbitrage; it was precisely because of BG's mistake that an arbitrage opportunity arose, which was ultimately exploited by some.

I have always said that the cryptocurrency space is still an early and chaotic environment. A typical example is this BG incident, where a prominent exchange's market makers can make such a basic mistake. This illustrates how 'irregular' this space is. Of course, no industry can completely avoid errors made by people or machines, but in the financial sector, a mistake can directly lead to bankruptcy.

I once said that staying in this space as much as possible is due to the opportunities created not only by the positive incremental development of the industry but also by many basic errors like BG's. Just from the perspective of a retail investor, if one happens to encounter a godsend opportunity like BG's, then manages to profit and successfully withdraw, and there are no subsequent repercussions, then you are successful. In the financial world, the winner takes all; everyone must pay for their mistakes, and exchanges are no exception.

Market-wise, in a nutshell: waiting for a slow rise. Thank you for your attention.