🚨 Bybit Hack Sparks Market Chaos 🚨

Bybit faced a historic hack on February 21, 2025, losing 403,996 ETH (~$1.13B) due to a smart contract exploit. This breach triggered panic withdrawals, with total outflows reaching $4.3B across Bitcoin and stablecoins.

The hack led to a sharp market downturn, with Bitcoin dropping -13.6% and Ethereum -22.9%. Solana and Meme Coins saw even steeper declines, resetting market momentum to April 2024 levels.

Short-term holders are under pressure, realizing significant losses, as the market seeks demand to stabilize. The coming weeks are crucial for determining whether Bitcoin can recover or face further declines.