As of today, February 25, 2025, the crypto market is experiencing notable bearish pressure driven by several recent developments.
The most significant news stems from the Bybit hack on February 21, where hackers, suspected to be North Korea’s Lazarus Group, stole around $1.4 billion in Ethereum and related tokens. This incident, the largest crypto heist in history, has shaken investor confidence. Ethereum prices dropped sharply after the breach, falling over 7% initially, though they’ve since partially recovered to around $2,765. The hack triggered a massive market correction, with the total crypto market cap declining by roughly 3% to $3.1 trillion on February 24. Liquidations exceeding $500 million since the event have further fueled bearish sentiment.
Bitcoin isn’t immune either, dipping to $90,912 recently amid the fallout. Technical analysts on X have pointed to bearish patterns, with Bitcoin breaking key support levels and potentially heading toward $75,000 if the downward momentum persists. Posts on X also highlight a shift in sentiment, with some traders eyeing bearish crypto picks like $SUI and $BSV.
Beyond the hack, macroeconomic factors are adding weight. President Trump’s tariff announcements have rattled risk assets, including cryptocurrencies, as markets brace for potential trade disruptions. This has coincided with persistent selling from foreign institutional investors and a broader dip in global markets, amplifying the negative outlook.
Solana’s also taken a hit, breaking below its uptrend line from September 2023 after a nearly 20% drop in a day. Analysts tie this to the Bybit hack’s ripple effects, including the laundering of stolen funds through Solana memecoins, alongside an upcoming token unlock that could further depress prices.
While some argue this is a short-term correction—pointing to Bybit’s swift reserve replenishment and a potentially crypto-friendly U.S. administration—the immediate mood is cautious. Outflows from crypto funds and overleveraged positions suggest the bearish trend might linger.
