The implication of the Square's bombardment of Bitcoin arbitrage:

Bitcoin is not an investment product. As a retail investor, you need to learn from the big money. Don't invest in Bitcoin. You need to arbitrage, buy spot, and short futures. You need to learn from Herman Jin and others, be a smart person, and don't be like the stupid people in the currency circle who only hold on to it.

The fact is that arbitrage is not available now. When CME Bitcoin futures passed in 2017, big money was already doing it. Arbitrage parties got 10% annualized for free in the past bull market and gave up 600% of the increase.

If you believe that Bitcoin is an investment product, then arbitrage is not something you need to analyze and consider at all. Investing looks at the future, you need to consider what will happen to Bitcoin in the future, not how big money plays now.

As a retail investor, you are particularly stupid in analyzing arbitrage. With your little knowledge, your analysis needs to focus on how to have a larger position when Bitcoin starts its main uptrend and how to get the most of the increase. Analyzing neutral arbitrage all day will only make you look like you have no priorities. Holding on to it is the best strategy to avoid missing out. No wonder all the idiots in the cryptocurrency circle have reaped the benefits of Bitcoin. Because of their idiocy, they have all become rich. The smart people, because of their intelligence, are still analyzing today.