QCP： The market's expectation of further decline in ETH price has increased

According to BlockBeats news, on February 24th, QCP Capital released an analysis on its official channel regarding the Bybit hacking incident, stating that the recent hacking incident resulted in approximately $1.4 billion worth of Ethereum (ETH) being stolen. However, despite the incident occurring only two days ago, the prices and implied volatility of the digital currency market have hardly responded. This pricing behavior highlights the increasing maturity of the cryptocurrency market, especially in the cryptocurrency credit market, since the FTX crash in 2022. Bybit is able to quickly obtain a loan to make up for the liquidity gap at critical moments, demonstrating the resilience and ample liquidity of the lending market. Since 2022, the lending market has steadily recovered and experienced significant growth before last year's US presidential election. All aspects of the encryption industry - from custody and security solutions to corporate governance and transparency - have been strengthened in every crisis. In fact, Bybit was able to withstand withdrawals of over $6 billion even after experiencing its largest cryptocurrency heist to date, which can be seen as a sign of confidence in the trading platform rather than a setback. With Bybit's purchases over the weekend, ETH remained relatively stable. However, the liquidity gap has now been bridged, and risk reversal trading indicates an increase in market expectations for ETH prices to further decline into March. At the same time, hackers - reportedly Lazarus Group related to North Korea - now hold 0.42% of ETH supply, becoming the 14th largest ETH holder.