12:00 First Analysis: Yesterday, Bitcoin and ETH spot minute charts experienced abnormal fluctuations, possibly caused by a liquidation event of a market-making bot.

BlockBeats reports that on February 9, Wintermute founder Evgeny Gaevoy analyzed the abnormal volatility in Bitcoin and ETH spot 1-minute charts on the early morning of February 8. He stated that it was very likely due to a market-making bot experiencing a liquidation, with losses possibly reaching tens of millions of dollars. The abnormal fluctuations were caused by losses from the bot, not malicious actions by market makers, and Wintermute was apparently not involved.
Gaevoy added that he is skeptical of rumors about "large institutions liquidating" in the market, and even if such events occurred, they would not have a long-term impact. Comparing this to the collapses of Three Arrows Capital and FTX, where liquidation news spread quickly and clear signs indicated the liquidations were real—such as institutions seeking help—current rumors mostly come from anonymous accounts and lack confirmation from reliable sources.
The leverage in this cycle mainly comes from perpetual contracts. Trading platforms no longer take the risk of using user assets to invest in low-liquidity assets or issue special credit, as they did in the past. Tightening credit has resulted in institutional credit scales below $2 billion, with limited impact, making chain reactions like those in 2022 unlikely.
Previously reported, on the early morning of February 8, Bitcoin and ETH spot 1-minute charts showed abnormal wave movements, with continuous single-minute fluctuations exceeding 1%, and even reaching 3%, from 00:05 to 00:17.