[Analysis: Abnormal fluctuations in BTC and ETH spot minute charts yesterday, possibly caused by a market maker bot liquidation] BlockBeats news, February 9, Wintermute founder Evgeny Gaevoy analyzed the abnormal fluctuations in Bitcoin and ETH spot 1-minute charts in the early hours of February 8. He stated that it is highly likely that a market maker bot experienced liquidation, with potential losses reaching tens of millions of dollars. The abnormal fluctuations were caused by the bot's losses rather than malicious actions by market makers, and Wintermute was clearly not involved. Evgeny Gaevoy further expressed skepticism about rumors of "large institutions experiencing liquidation" in the market. He added that even if such events occurred, they would not have a mid- to long-term impact. Comparing this to the collapses of Three Arrows Capital and FTX, liquidation news at the time spread quickly and showed clear signs of being true, such as institutions seeking rescue. However, current market rumors mostly come from anonymous accounts and lack confirmation from reliable sources. The leverage in this cycle primarily comes from perpetual contracts, and trading platforms no longer use user assets to risk investing in low-liquidity assets or issuing special credit as they did in the past. Credit tightening has reduced institutional credit to less than $2 billion, limiting the impact and making it unlikely to trigger cascading liquidations like in 2022. Previously reported, in the early hours of February 8, Bitcoin and ETH spot 1-minute charts showed abnormal fluctuations. From 00:05 to 00:17, single-minute amplitude fluctuations exceeding 1% and even 3% were observed.