Crypto Weekly: The Bybit Hack Shakes the Market, FTX Repayments Begin & Solana ETF Buzz 📢
Crypto Weekly: The Bybit Hack Shakes the Market, FTX Repayments Begin & Solana ETF Buzz 📢
🚀 This Week in Crypto: Highs, Lows, and Big Moves
Welcome to this week’s Crypto Weekly, where we break down the biggest stories shaping the crypto markets! Buckle up—this week has been a rollercoaster. 🎢
Table of Contents
🔥 The Bybit Hack: A $1.5 Billion Blow
One of the largest crypto exchange hacks in history hit Bybit, with North Korea’s Lazarus Group suspected of stealing $1.5B in ETH from a Safe wallet. The hack sent shockwaves through the market, yet Bybit’s CEO, Ben Zhou, handled the crisis with remarkable transparency. The exchange remains solvent, and ETH liquidity was quickly reinforced with emergency funding. While some, including Arthur Hayes, have proposed a controversial Ethereum rollback to recover the stolen funds, this raises serious questions about blockchain immutability. Expect a heated debate in the coming weeks! 🔥⚖️
🌍 Hong Kong’s Crypto Ambitions: The ‘ASPIRe’ Roadmap
Hong Kong’s Securities and Futures Commission (SFC) has outlined its vision to become a global crypto hub. With new token listings, derivatives trading, and staking services in the pipeline, Hong Kong is making a strong push for leadership in the digital asset space. Is this Asia’s answer to crypto-friendly regulations? 🚀
💰 FTX Begins $1.2 Billion Repayments
FTX has officially started paying back its creditors, marking a critical step in its recovery process. The exchange is set to distribute $16B in repayments, beginning in February 2025. After the chaos of FTX’s collapse, this is a much-needed win for those impacted. 💸
📈 Bitcoin Treasury Expansions
Metaplanet has increased its Bitcoin holdings to 2,100 BTC, further solidifying institutional confidence in digital gold. Meanwhile, Franklin Templeton has launched a Bitcoin and Ether index ETF, adding more legitimacy to institutional crypto adoption.
🏎️ Coinbase x Aston Martin F1: A Crypto-Powered Sponsorship
Coinbase has entered the world of Formula One, becoming the official sponsor of Aston Martin’s racing team. The kicker? The entire deal was paid in USDC stablecoins! Is this a sign of stablecoins making their way into mainstream sports finance? 🏁💵
📊 Market & Macro Insights
🟢 Bitcoin (BTCUSD): Key Levels & Price Action
- Key resistance: $66,000 / $72,000 / $92,000 / ~$110,000 (just north of the all-time high)
- Bitcoin’s price took a hit following the Bybit hack, dropping from $99K to ~$95K. However, the measured reaction suggests a maturing asset class with real institutional demand. 🏦
🌍 Global Markets & Economic Indicators
- US Fed Watch: Prelim GDP and PCE inflation data this week could shape the Fed’s rate cut timeline. 📉
- Equities on Edge: Wall Street saw its worst session of the year last Friday—tariffs and geopolitical risks are shifting global capital flows. 📊
- Gold Breaks Higher: With inflation fears persisting, gold continues its steady climb. Could crypto follow? 🏆
🔮 Altcoins, DeFi & Institutional Moves
- Ethereum (ETH): Despite the Bybit hack, ETH avoided a violent crash, a stark contrast to past market reactions in 2018/19. 👀
- Solana ETF Buzz: Franklin Templeton has filed for a Solana spot ETF, set to list on the Cboe BZX Exchange with Coinbase as custodian. If approved, this could drive major institutional inflows. SOL accumulation has been observed despite its price downtrend. 📈
- DeFi Tokens Eye a Surge? History suggests that after centralized exchange (CEX) crises, DeFi protocols tend to rally. Will we see a renewed push towards decentralization following the Bybit hack? 🤔
🔍 What to Watch Next Week
- 🇦🇺 Australian CPI (Jan) – Feb 26: Inflation data will set the tone for the RBA’s next rate move.
- 🇺🇸 US PCE Inflation (Jan) – Feb 28: The Fed’s preferred inflation gauge could influence rate cut expectations.
- 🇪🇺 ECB Meeting Minutes – Feb 27: Investors seek clarity on inflation trends and potential rate cuts.
- 🇯🇵 Japan’s Tokyo CPI (Feb) – Feb 27: Will slowing core inflation impact the Bank of Japan’s tightening plans?
- 🇨🇳 China NPC Meeting (Feb 24-25): Lawmakers will discuss key economic policies and potential stimulus measures.
That’s a wrap for this week’s Crypto Weekly! Stay tuned as we continue to track the biggest moves in the digital asset world. 📡💎
💬 What are your thoughts on the Bybit hack? Could a Solana ETF be the next big catalyst? Let’s discuss in the comments! 🔽👇
- Follow US on LinkedIN
- Check Crypto Weekly