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$ETH The CEO of cryptocurrency exchange Bybit, Ben Zhou, has confirmed on X that the company has been hacked. Two hours ago, the X account of Whale Alert highlighted a transfer of more than 401,000 ETH worth $1.1 billion. The hacker transferred the funds to a fresh wallet address, but has since moved the funds to more than 40 other wallets. Mr Zhou said that only one ETH cold wallet was compromised, and that all other wallets are intact and withdrawals continue as normal. The implication is that Bybit has more than $1 billion in equity. He followed up by saying “Bybit is solvent even if this hack loss is not recovered, all of clients assets are 1 to 1 backed, we can cover the loss.” Former Binance CEO Changpeng Zhao (CZ) chimed in that the exchange should consider pausing withdrawals as a precaution. While the hacker might have successfully drained the wallet, it remains to be seen whether they can do much with the funds. Given that blockchains are public, Etherscan, the popular explorer, marked the wallet addresses as a ‘Bybit exploiter’. The transfers out of the initial exploiter address were in units of ETH 10,000 or $27 million, with each new wallet address also flagged. Apart from the first wallet which was drained, most of the action was in two wallets (1 2), with the vast majority of funds still sitting in amounts of ETH 10,000 in 40 or so wallets. Others have pegged the hack figure at $1.4 billion. However, the CEO confirmed the theft of ETH 401,000 or around $1.1 billion at a price of $2,800. $ETH

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#GasFeeImpact The concept of incentives for work paid in fees (gas) was introduced to compensate miners for their work on maintaining and securing the blockchain—in addition to receiving block rewards. After the proof-of-stake algorithm was rolled out in September 2022, a portion of the gas fee became the reward for staking ETH and participating in validation—the more a user has staked, the more they can earn. Originally, gas fees were a product of a gas limit and the gas price per unit. In August 2021, Ethereum changed its calculations for gas fees to use a base fee (a set fee for the transaction set by the network), units of gas required, and a priority fee. The priority fee is a tip to the validator that chooses a transaction—the more you tip, the higher the chances are that your transaction will be processed faster.1 Gas and the Ethereum Virtual Machine (EVM) Ethereum, as a platform and system, is designed to be used by others to create more use cases for blockchain and cryptocurrency. For this reason, it is commonly called the Ethereum Virtual Machine, because applications can be created that run on it. The EVM is essentially a large virtual computer, like an application in the cloud, that runs other blockchain-based applications within it. #gas_fees

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#GasFeeImpact Gas is the fee required to successfully conduct a transaction or execute a contract on the Ethereum blockchain platform. Fees are priced in tiny fractions of the cryptocurrency ether (ETH)—denominations called gwei (10-9 ETH). Gas is used to pay validators for the resources needed to conduct transactions. The concept of incentives for work paid in fees (gas) was introduced to compensate miners for their work on maintaining and securing the blockchain—in addition to receiving block rewards. After the proof-of-stake algorithm was rolled out in September 2022, a portion of the gas fee became the reward for staking ETH and participating in validation—the more a user has staked, the more they can earn. $ETH

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#WalletActivityInsights ETF Flows and Market Impact With the market in a contraction phase, institutional interest in Bitcoin and Ethereum has slowed based on spot ETF flows. By normalizing net inflows against each asset’s native spot volume, we can gauge the weight and influence of the ETFs on market dynamics. Bitcoin ETFs saw several outflows exceeding $200M/day last week, however this was followed by a strong rebound in buy-side activity, exceeding 8% of global spot volume, and highlighting institutional demand (akin to ‘buy the dip’ behavior). Ethereum ETF demand has cooled significantly and remains much smaller in scale compared to Bitcoin. ETF activity for ETH is hovering close to zero in terms of net flows in and out, suggesting a lack of strong traditional investor demand and participation. This divergence has been a theme of this market cycle thus far and reinforces Bitcoin’s dominant role within the institutional asset mix. Ethereum continues to struggle to attract large, sustained inflows, which further explains its relative underperformance in recent years. $BTC

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#MarketSentimentWatch As momentum starts to fade in spot markets, we can also see a decline in capital inflows within the perpetual futures market. The cooling of demand on the spot side has led to a sharp drop in perpetual open interest (OI) across all major assets, signalling a reduction in speculative activity and lower cash and carry yields. Over the last 30 days, the rate of change in open interest highlights a widespread retreat of capital: Bitcoin OI: -11.1% Ethereum OI: -23.8% Solana OI: -6.2% Memecoins OI: -52.1% This trend of declining open interest across the board suggests that speculators are reducing their leveraged exposure, likely in response to weaker market momentum and increasing market uncertainty. The most extreme decline is seen in Memecoins, which tend to attract more short-term leveraged bets but lose traction quickly whenever sentiment weakens. This trend of declining open interest across the board suggests that speculators are reducing their leveraged exposure, likely in response to weaker market momentum and increasing market uncertainty. The most extreme decline is seen in Memecoins, which tend to attract more short-term leveraged bets but lose traction quickly whenever sentiment weakens. Funding Rates Signal Bearish Sentiment The weakening in open interest is further reinforced by a decline in perpetual futures funding rates. This reflects a shift toward more bearish sentiment and an unwinding of leveraged positions, particularly in riskier assets. Bitcoin and Ethereum funding rates remain slightly positive, and their deeper liquidity profile tends to see positive funding rates except during sharp leverage wash-out events. Solana funding rate have edged lower and have traded negative in recent weeks, signalling a cooling off of demand for long speculative positions. Memecoins have seen funding rates turn very negative, indicating that shorts now dominate in these highly speculative assets, and many traders are closing their positions (or being liquidated). $SOL Funding Rates Signal Bearish Sentiment#

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