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Ahead Of The Curve
24 Feb 2025

Buyer fatigue?

Bitcoin has fallen to new yearly lows amidst volatile open interest conditions in perps and continued apathy and defensiveness on CME. Softened MSTR demand and substantial ETF outflows indicate a growing risk aversion in the market.
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Bybit hack rocks the market
BTC has now seen a 21% drawdown from its all time high as the latest liquidation cascade sent BTC below $87,000. What was shaping up as a relatively quiet week quickly turned into a sharp drawdown for crypto. Strategy’s announcement of its latest purchase of 20,356 BTC was not well-received by the market while it processed a resurgence in concerns over Trump tariffs. A skittish market was then pushed lower when Bybit experienced the largest crypto hack in history as the North Korean hacker group Lazarus stole $1.46bn worth of ETH.Bybit responded promptly, filling the ETH reserves gap and announcing it will publish an audited proof of reserves. Nevertheless, Bybit experienced huge withdrawals as market participants were reminded that storing coins on any exchange carries counterparty risks.
CME traders stay hands off while perp traders engage heavily
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