Regarding whether arbitrage, long-term holding, or short-term risk trading is better, I personally don't think it's a question. Do what you enjoy, and there's no doubt. No doubt means long-termism; if there are doubts, it's not what you enjoy, so there's no necessity to persist.
In the capital market, risk always ranks first, and return ranks last; in ancient times, long-term capital was shocked when Russia defaulted, leading to presidential intervention, and now there is the spiral loan of stablecoins replicating LUNA.
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