Some time ago, a big holder exchanged BTC for a certain stablecoin to invest, with an annualized return of 20% looking pretty good. But here’s the problem—the liquidity pool of this stablecoin is too small, and large transactions directly caused the price to spike, even soaring to $24,000 per coin. What was the result? No matter how high the investment returns are, they can't cover this loss; years of profit would be wasted.

But from another perspective, this situation actually exposes an arbitrage opportunity. When a certain stablecoin shows a premium, you can exchange USDT at a low price, then invest in high-yield financial products. After the coin price corrects, you can convert back. Such an operation space indeed exists. The key is to seize the right timing—not all premiums are worth participating in. You need to wait until the price is artificially high but not ridiculous before jumping in; otherwise, you'll just become the bagholder.