I'm pretty skilled at arbitrage. But thinking back, during the bear market, I really didn’t mess with UST (LUNA) or USDE, so I avoided the big crashes. USDE wasn’t exactly a crash, but when it depegged on 10.11, if you were all in USDT, you could’ve bought the dip. So, deeply understanding this: not arbitraging is for better arbitraging. Being in cash is also going long.