最近真是不安生啊…大晚上的，ETH 短时间内上下疯狂扎针，价差达 120 美金🫣方程式新闻报道是因为做市商的网格策略似乎出了问题，而有趣的是，不少人抓住该机会在短时间高买低买赚到了钱，熬夜的鸟儿有虫吃了 https://t.co/lppaUYX9J0 
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链上小说家，关心天气、食物、还有故事。@ai_9684xtpa

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Things have been really turbulent lately… Late at night, ETH experienced wild price spikes and dips, with a difference of $120 in a short period 🫣. Equation News reports that this is because the market maker's grid strategy seems to have malfunctioned. Interestingly, many people seized this opportunity to buy high and sell low in a short time, making money. The birds that stay up late have caught the worm! https://t.co/lppaUYX9J0

————— On-chain novelist, concerned with weather, food, and stories. @ai_9684xtpa

Author | Jeff Park (Chief Information Officer, Bitwise)
Compiled by Odaily Odaily(@OdailyChina)
Translator | Dingdang (@XiaMiPP)
Editor's Note: On February 5th, the cryptocurrency market experienced another crash, with over $2.6 billion liquidated in 24 hours. Bitcoin briefly plummeted to $60,000, but the market seems to lack a clear consensus on the causes of this decline. Bitwise CIO Jeff Park offers a new analytical framework from the perspective of options and hedging mechanisms.
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The Black Swan Event Was Actually This: The Real Reason for the Recent Bitcoin Crash

Renowned crypto investor Jack Yi used Aave revolving lending to build a $2 billion ETH position, only to see it crumble during the market crash [...]
The article, "Yi Lihua Completely Sells Off ETH! Trend Research Sells 650,000 Ethereum in a Week, Losing $730 Million," was originally published on BlockTempo, the most influential blockchain ABMedia media.

Yi Lihua completely liquidated his ETH holdings! Trend Research reportedly sold 650,000 Ethereum in a week, incurring a loss of $730 million before exiting the market.

Author | Jeff Park (Chief Information Officer, Bitwise)
Compiled by Odaily Odaily(@OdailyChina)
Translator | Dingdang (@XiaMiPP)
Editor's Note: On February 5th, the cryptocurrency market experienced another sharp drop, with over $2.6 billion liquidated in 24 hours. Bitcoin briefly plummeted to $60,000, but the market seems to lack a clear consensus on the causes of this decline. Jeff Park, CIO of Bitwise, offers a new analytical framework from the perspective of options and hedging mechanisms. [...]