Another example of why someone might take a liquidation
@@ -257,8 +257,10 @@ discount, it auctions {liquidation-auction-start-percent} of its ETH reserves.
5. An arbitrageur burns 1 TBTC at 90% of the auction and obtains 67.5 ETH. The
liquidation of the deposit is now over. The arbitrageur might do this because
-the price has recovered during the auction, or because they intend to use the
-ETH to arbitrarge against a higher price later or with a different asset.
+the price has recovered during the auction, because they intend to use the
+ETH to arbitrarge against a higher price later or with a different asset, or
+because they are arbitraging against an earlier, advantageous TBTC price at
+which they acquired the requisite TBTC.
6. Half of the remaining 7.5 ETH is distributed to the signers (if they had
committed fraud this would be 0), and the remainder is given to the account
