The crypto market is experiencing bearish sentiment today, February 24, 2025, due to a combination of recent events and broader economic factors. One major trigger is the massive hack of the Bybit exchange on February 21, 2025, where hackers stole over $1.4 billion worth of Ethereum and related tokens. This incident, the largest crypto heist in history, has shaken investor confidence and fueled fears about the security of digital asset platforms. The market has also seen significant outflows from crypto product funds, adding to the downward pressure.
On top of that, macroeconomic concerns are weighing heavily. The total crypto market capitalization dropped by 3% today, landing at around $3.1 trillion, as reported by Cointelegraph. This decline coincides with a correction that began with the Bybit hack and has been exacerbated by overleveraged bullish positions getting liquidated, signaling a shift in market dynamics. Analysts note that Ethereum and other large-cap cryptocurrencies have been hit particularly hard, reflecting a broader risk-off mood among investors.