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Crypto markets signal resilience despite Bybit worrisome hack
Every market will inevitably face challenges, and crypto is no exception. However, a key sign of maturity is how the market reacts to negative events. The recent Bybit hack, which occurred late last week, is a case in point—while significant, it did not trigger widespread panic.
Thus, we can point out two potential positive takeaways:
1) As shown in the chart, ETH prices (and the broader crypto market) experienced limited impact and have already rebounded, surpassing pre-incident levels.
2) Allegedly (pending audit confirmation), the exchange replenished its ETH reserves after a $1.4 billion exploit.
Market Highlights
Bybit suffered the largest crypto hack in history
On February 21, a hacker stole $1.4 billion from Bybit, after accessing an Ethereum cold wallet and exploiting their flawed security practices.
The exchange claims to have filled the gap in its ETH reserves after the incident.
Despite the events, market impact was relatively minor compared to past events like BOJ hikes, which suggests a growing market maturity when it comes to short-term shocks.
Digital ledgers to settle transactions in ECB
The European Central Bank is planning to establish a system to use a digital ledger-based system to settle transactions in their database.
This could signal a significant institutional use case for blockchain technology, marking another step towards broader institutional adoption.
SEC new unit to protect against fraud in crypto
SEC announced the creation of a new unit aimed at protecting investors from frauds related to crypto and AI.
This once again underscores the new administration’s focus on advancing security and regulatory developments in the crypto industry, potentially serving as another strong tailwind for future adoption.
Market Metrics
The NCITM had another sideways week (-1.3%), with strong headwinds like the Bybit exploit widening the gap between NCITM and other asset classes. Given this month’s challenges and ongoing regulatory developments, this movement was largely expected. However, as we’ve noted in previous insights, these long-term developments could become a strong catalyst for crypto performance in 2025.
Bitcoin’s record-breaking rally and resilient investor base reveal a maturing market. Despite brief drawdowns, over 90% of holders remain in profit, and institutional inflows continue to absorb volatility. With downside risk compressing, even a modest Bitcoin allocation will meaningfully boost portfolio efficiency across cycles.
Why is retail finance booming on Solana?
Solana’s low fees and lightning-fast transactions are powering real-world payments. With $16 billion worth of stablecoins traded on the network, Solana is bridging crypto and commerce, driving retail adoption at an unprecedented scale. This is exactly why legacy companies like Shopify and PayPal have chosen to integrate the blockchain into their businesses.
Why did Ethena’s stablecoin remain stable onchain but depegged on Binance?
On October 10, Ethena’s USDe saw a sharp depeg on Binance’s centralized exchange, plunging to $0.65, while staying stable across all decentralized finance platforms. The cause wasn’t a protocol flaw but thin centralized liquidity. The incident highlights how decentralized systems can better withstand volatility, offering transparency and resilience during market stress.
Research Newsletter
Each week the 21Shares Research team will publish our data-driven insights into the crypto asset world through this newsletter. Please direct any comments, questions, and words of feedback to research@21shares.com
Disclaimer
The information provided does not constitute a prospectus or other offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy securities in any jurisdiction. Some of the information published herein may contain forward-looking statements. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those in the forward-looking statements as a result of various factors. The information contained herein may not be considered as economic, legal, tax or other advice and users are cautioned to base investment decisions or other decisions solely on the content hereof.
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