Bybit Hack Does Not Impact Bitcoin and Ether Trading Stability

Bitcoin and ether remain stable following a recent $1.5 billion hack of Bybit. Key points include:

• Positive perpetual funding rates for both assets indicate long position bias.
• Bitcoin options on Deribit show a bullish sentiment, while ether options reflect a downside bias into March.
• Bitcoin's implied volatility dropped to 48.45%, the lowest since July; ether’s reversed a weekend spike from 67% to 70%.
• Bybit successfully managed over $6 billion in withdrawals post-hack.
• Franklin Templeton has proposed a spot SOL ETF, with significant SOL unlock scheduled on March 1, potentially increasing market volatility.
• Donald Trump's gold reserve audit decision raises interest in Bitcoin as a digital gold alternative.

Market Movements

• BTC price at $95,581.78, up 0.7%.
• ETH price at $2,679.37, up 1.91%.
• CoinDesk 20 index at 3,089.09, up 1.18%.

Derivatives Positioning

• SOL put options trade at a premium reflecting strong downside fears.
• Ether options indicate concerns until end of March; BTC options are generally bullish.

Token Events

• February 24: Enjin network upgrade.
• February 25: Ethereum’s Pecta upgrade testing begins.
• March 1: Significant token unlocks for DYdX, ZetaChain, Sui, and others.

Technical Analysis

SOL is below its 200-day moving average, indicating potential further losses unless it rises above $209.

Crypto Equities

• MicroStrategy closed at $299.69, down 7.48%.
• Coinbase closed at $235.38, down 8.27%.
• MARA closed at $14.66, down 8.09%.

For ongoing updates and detailed analysis, refer to further resources.