QCP： Risk reversal trading indicates an increase in market expectations for ETH's decline in March

Odaily Planet Daily News: QCP Capital announced on its official channel that the recent Bybit hacking incident resulted in the theft of approximately $1.4 billion worth of Ethereum (ETH). However, despite the incident occurring only two days ago, the prices and implied volatility of the digital currency market have shown little response. This pricing behavior highlights the increasing maturity of the cryptocurrency market, especially in the cryptocurrency credit market, since the FTX crash in 2022. Bybit's ability to quickly obtain bridge loans during critical periods to fill liquidity gaps highlights the elasticity of loan space and sufficient available liquidity. Since 2022, the industry has steadily recovered and experienced a significant surge 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 narrowed, and risk reversal trading indicates an increase in market expectations for ETH's decline in March. At the same time, the Lazarus Group, a hacker group reportedly associated with North Korea, now holds 0.42% of the ETH supply, becoming the 14th largest ETH holder.