After a period of turmoil, financial markets seem to have entered a relatively stable phase. However, Arthur Hayes, co-founder of BitMEX, issued a warning that this is only a temporary respite from the first wave of shocks. In his recent post, he mentioned that as the problems facing investors with excessive leverage in traditional financial sectors become increasingly prominent, financial markets may be about to face more severe challenges. Hayes predicts that the second wave of shocks has already begun and emphasizes that the market might need further adjustments to pave the way for potential rescue measures. He points out that the current stability is merely temporary, and market volatility will continue.