Sort of. Arb means risk free and cost free gains, so this could still count. Lower liquidity could be considered a risk, but some people would take the gains an

Sort of. Arb means risk free and cost free gains, so this could still count. Lower liquidity could be considered a risk, but some people would take the gains and not care about immediately cashing out, esp since you could trade back to BTC once prices normalize and cash out on the alternate exchange before the withdrawal hiatus is even over. The bigger issue is the funding costs across exchanges, but the fact that it goes down between events signals that arb-neutral differential is lower than during the event-driven spikes he points out.