QCP: Bybit Hacker Sunday Cashes Out At Least $300 Million Escalating Further Sell-off Concerns

BlockBeats News, March 10th, QCP released its daily analysis, stating that "Last Friday's non-farm payroll data provided some relief for the US stock market and cryptocurrency, reinforcing the market's expectation of further interest rate cuts in May. Bitcoin maintained around $86,000 for most of Saturday after a consolidation phase, seemingly laying the foundation for a steady recovery this week. However, this momentum was disrupted by the Bybit hacker. The hacker cashed out at least $300 million during Sunday's low liquidity period, causing Bitcoin and Ethereum to once again test key support levels.

Today's price sell-off may be further exacerbated by holders' preemptive concerns about the hacker releasing more supply, as the hacker has shown willingness to cash out assets rather than risk further losses - the stolen assets have already depreciated by 25%. Consequently, the demand for bearish put options in the past 24 hours has increased, reflecting the market's concerns about further sell-off pressure.

Although $80,000 remains a key support level for Bitcoin in the near term, upside potential also appears limited as the narrative of strategic Bitcoin reserves has been fully priced in. Recent options flow indicates that more constructive bullish prospects may not emerge until after the third quarter.

Until cryptocurrency finds a new market-driven narrative, Bitcoin's short-term correlation with the US stock market may increase. Both are currently near recent lows, and tariff risks remain unresolved, with market volatility expected to increase before the release of US macroeconomic data."