Yeap it's just a validator node after all. The peg dips down when users want to exit their positions and there aren't enough people to buy it up. This could happen in both strong bull and bear markets. In strong bull, risk is on, so users swap FTM (or beFTM) for other ecosystem tokens. In strong bear, risk is off, users exit crypto.

If your goal is to accumulate FTM and delegate stake with a validator node, then this works well in your favour and as you said is a good arbitrage opportunity.

I do forsee one more scenario where beFTM loses peg which is when yield figures go down. I wrote a tweet thread on it: https://twitter.com/Loiynes/status/1511015096625123330?t=hByU6PTW_z7wiRYL3Bc-mw&s=19