Evgeny Gaevoy, founder of crypto market maker Wintermute, has attributed recent abnormal fluctuations in Bitcoin and Ethereum spot prices to a possible liquidation of a market-making bot. On February 8, the 1-minute charts for BTC and ETH showed significant volatility, with price swings exceeding 1% to 3% within minutes. Gaevoy suggested that the bot's liquidation could have resulted in losses amounting to tens of millions of dollars. Gaevoy dismissed rumors of a major institutional liquidation, noting that such claims lack confirmation from reliable sources. He emphasized that the current market environment, characterized by tighter credit and reduced leverage, makes widespread liquidations unlikely. Unlike past events involving Three Arrows Capital and FTX, there are no clear signs or institutional distress indicating a major liquidation event.