![\"Week](\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXd_DoUJChCthAoaC-_H03KYnyiapWLgHeY5DhAzT8lMpgnv5SI0ZbWzWNT5dddubMiZGWBsHisvqYBclYyzwEYm3QMNrQa2hXsswNDzclpN1hLv2fdHKQg7z8yNVR3MY2McrJuAxQ?key=E9n0idWdO_eKdxJw0SrdWAAA\")
At the time of writing the first cryptocurrency trades at $95,500, a net weekly decline of 2.28%.<\/p>\n
According to CryptoQuant CEO Ki Young Ju, bitcoin\u2019s bull phase will continue<\/a> even if the price falls 30% from the peak\u2014to about $77,000.<\/p>\n “I don’t think that we will enter a bear market this year. We are still in a bull cycle. The price will ultimately go up, but the [swings] range looks wide,” the expert noted.<\/p>\n<\/blockquote>\n In his view, entry points are:<\/p>\n A breach of the breakeven level for the latter category has historically confirmed a shift to a bear market. That occurred in November 2018, March 2020 and May 2022, the CryptoQuant head emphasised.<\/p>\n According to JPMorgan analysts, the weakening institutional demand for bitcoin and Ethereum futures on the CME<\/span> serves as a bearish signal<\/a> in the near term.<\/p>\n They noted a 15% drop in the aggregate market capitalisation of digital assets from the record $3.72trn in December.<\/p>\n As a result, futures on the two largest cryptocurrencies are close to backwardation\u2014as in June and July last year. The more typical state is contango, when derivatives trade at a premium to spot.<\/p>\n This metric, often above 10% annualised, is driven by the high \u201crisk-free\u201d rate in crypto markets, where USD lending typically runs at 5\u201310% per year, the specialists explained.<\/p>\n They cited a lack of positive catalysts and fading price momentum.<\/p>\n Some institutional investors are taking profits to move to the sidelines, as U.S. crypto-related policy initiatives are unlikely before the second half of the year.<\/p>\n Momentum-oriented funds are also trimming longs as signals weaken. In Ethereum the indicator has already turned negative.<\/p>\n At the time of writing the second-largest cryptocurrency trades at $2,780, having started the week at $2,660. The price has gained about 3.37%.<\/p>\n One of the most notable drivers for Ethereum and the wider crypto market this week was the industry\u2019s largest heist\u2014the Bybit hack involving the theft of half a million ETH.<\/p>\n All top\u201110 assets by market capitalisation fell on the back of the incident. By week\u2019s end only Ethereum showed positive dynamics.<\/p>\n Over the past seven days SOL fell 12.3%, DOGE 10%, and XRP 7%.<\/p>\n On February 21 hackers drained<\/a> 499,395 ETH (about $1.46bn at the time) from a Bybit exchange wallet. The suspicious outflows were first reported by ZachXBT, followed by the platform\u2019s official confirmation of the hack.<\/p>\n Bybit detected unauthorized activity involving one of our ETH cold wallets. The incident occurred when our ETH multisig cold wallet executed a transfer to our warm wallet. Unfortunately, this transaction was manipulated through a sophisticated attack that masked the signing\u2026<\/p>\n \u2014 Bybit (@Bybit_Official) February 21, 2025<\/a><\/p><\/blockquote>\n \n
\n
The biggest hack on record<\/h2>\n
\n
![\"Week](\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXeFqC3YgHbd9BU5O7kMdWI_F9Yu4X0wZehJJB64TuQGulSA8MpIWvXdkOz4Q_ATl4fh3PZhfQOGohQL4Za2lz1FwQ3pd4rG6aX9LJv2VF9yOTXNGMnd4cXNUoQAM0WPALqIev2BQg?key=E9n0idWdO_eKdxJw0SrdWAAA\")
![\"Week](\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXfo7tbLzxJTGMApmt1mFhESRltN0Eh9lRa4pKoH6K9ERt_HOgvP_JGEgNd8mnm4AAOR4TtN3TxpP_Dugcr7r4C9VzFsa2rA1HDf5QFQteEFN2Kl9QBbm7Mk6hKWasl4_98QyDVq4A?key=E9n0idWdO_eKdxJw0SrdWAAA\")