Ethereum Price Drops 5% Amid Bybit Hack Concerns
Price Impact of the Bybit Hack
Ethereum's price dropped 5% to around $2,650 in the past 24 hours due to concerns over the Bybit hack. The theft of 401,000 ether, worth $1.5 billion, has raised fears of further price declines as the stolen funds might be sold.
Derivatives Market Reaction
Derivatives traders are increasingly seeking protection against potential price drops. Gordon Grant noted that Bybit's efforts to mitigate the hack's impact may have ceased, increasing the risk of stolen ether entering the market. The preference for puts over calls in ether options indicates a bearish sentiment, with risk reversals spiking to 15 volatility points in favor of puts.
Broader Market Impact
The broader cryptocurrency market has also been affected, with indices like GMUT and GMSOLMEME experiencing declines of 12.22% and 13.78%, respectively. The Bybit hacker now ranks among the top ETH holders, adding to market anxiety as March expiries approach.
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