• Biggest Crypto Hack In History

• Hodlers Stay Strong

• ETH Under Fire

• Bitcoin Stalls: What Comes Next?

• And more…

Market Data Prices as of 4:30am ET

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🚨 BIGGEST CRYPTO HACK IN HISTORY 🚨

The ByBit Hack—Crypto’s Black Swan That Didn’t Break the Market

North Korea’s Lazarus Group just pulled off the biggest crypto heist in history, stealing over 400,000 ETH (~$1.4 billion) from ByBit’s cold wallets.

Why Does This Keep Happening on Fridays?

Look at this insane pattern of Friday crypto disasters:

• Jan 17 - Trump memecoin liquidity wipeout

• Jan 24 - Deepseek AI dump

• Jan 31 - Trump Tariff panic

• Feb 14 - LIBRA memecoin rug pull (Argentina’s President involved!)

• Feb 21 - ByBit loses $1.4B to hackers

Hacks and collapses usually trigger panic selling, but this time was different…

ByBit’s Response Was Flawless

Instead of mass withdrawals, ByBit handled the attack like a top-tier financial institution.

CEO Ben Zhou reassured the crypto community:

In response, ByBit:

✅ Secured 446,870 ETH via loans, whale deposits, and ETH buys
✅ Announced audited proof of reserves
✅ Prevented customer losses

Market Shock? Nope. Bitcoin and Ethereum Held Strong.

In past years, a $1.4 billion hack would have triggered a massive sell-off.

But this time, Bitcoin (BTC) and Ethereum (ETH) barely moved, and altcoins even rallied.

Could this mean the crypto market is maturing?

If investors stay confident despite record-breaking hacks, the future of institutional adoption looks promising.

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HODLERS STAY STRONG

Bitcoin holders are standing firm, and the HODL Waves 🌊 show us exactly how long they’ve been in the game.

Each colored band in the chart represents the percentage of Bitcoin that last moved within a certain time frame.

The cooler colors represent older coins, with purple marking those untouched for over 10 years.

🔍 Latest Breakdown (vs. Two Weeks Ago):

• 6m - 12m: 9.73% (⬆ from 9.56%)

• 1y - 2y: 9.14% (⬆ from 8.91%)

• 2y - 3y: 7.35% (⬇ from 7.46%)

• 3y - 5y: 14.88% (⬇ from 14.94%)

• 5y - 7y: 5.99% (⬇ from 6.03%)

• 7y - 10y: 7.60% (⬆ from 7.57%)

• >10y: 17.00% (⬆ from 16.96%)

🚀 What This Tells Us:

• 71.69% of Bitcoin has been dormant for over 6 months, up 0.26% in just two weeks.

• New long-term holders (6m - 2y) are growing, while some mid-term holders (3y - 7y) have taken profits.

• Ultra-long-term holders (7y+) remain committed, further tightening supply.

🔑 Key Takeaway: A small amount of Bitcoin is re-entering the market, but the majority remains locked up. Conviction is strong. Supply is tight.

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ETHEREUM UNDER FIRE

Samson Mow Criticizes Ethereum, Suggests Rollback After $1.4B Bybit Hack

While the respone from ByBit to the largest digital heist in history merits praise, many in the the crypto community were less encouragin.

Crypto veteran Samson Mow has once again taken aim at Ethereum, this time calling for a chain rollback following the massive $1.4 billion hack.

Mow, a longtime advocate for Bitcoin, argued that Ethereum's ability to reverse transactions undermines its credibility.

He stated that a rollback should be considered to recover lost funds, but critics argue such actions contradict the principles of decentralization.

The Bybit hack has reignited debates over blockchain security, the risks of centralized exchanges (CEXs), and the challenges of ensuring fund safety in the crypto market.

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BITCOIN STALLS: WHAT COMES NEXT?

The crypto market has stalled since its December highs, leading many to wonder: Is this the cycle top, or is there another leg up?

During those days, Bitcoin was ranging between $52,000 and $70,000, whereas today, we’re between $91,000 and $108,000.

From the perspective of "be greedy when others are fearful," this might be an excellent opportunity to buy.

However, the growing narrative that this cycle has possibly topped continues to gain traction.

The macro backdrop remains uncertain, with inflation concerns still a factor, while interest rates remain high and liquidity is scarce.

At the same time, crypto momentum appears to be fading, as repeated memecoin frauds involving celebrities and even politicians continue to tarnish crypto's reputation.

Let’s dive into sentiment analysis, macro trends, and on-chain data, to see what market insights we can gain into what’s next for Bitcoin...

Why Sentiment Suggests a Buying Opportunity

Data from Kaito shows that sentiment is as low as it was during 2024’s eight-month consolidation. 

Historically, such conditions have preceded major price rebounds.

Yet, skeptics argue that with high interest rates and tight liquidity, the market lacks fuel for another rally.

But here’s what they’re missing:

1) The ISM Manufacturing Index is above 50 for the first time in years.

The ISM index is the most reliable indicator for identifying where we are in the business cycle.

When it rises above 50, it signals economic expansion—what we call Macro Summer in our business cycle seasons.

Conversely, a reading below 50 indicates economic contraction.

For the past 20 years, the ISM has only managed to surpass 50 with the help of zero interest rates or quantitative easing (QE).

However, this cycle is proving to be different—neither low interest rates nor QE are in place, yet the ISM is starting to break out.

What’s even more significant is that leading indicators like the Philly Fed survey suggest the ISM is poised for a major move upward in the coming months.

For context, when we compare the ISM to Bitcoin, it’s clear that each time the ISM surpasses 50, Bitcoin’s price tends to perform exceptionally well:

Where Will Liquidity Come From?

Many assume that without FED-driven stimulus, risk assets like crypto can’t perform.

But global markets don’t revolve solely around the US.

Liquidity doesn’t disappear—it shifts.

And savvy investors know where to look…

OTHER NEWS

• Lazarus Group, North Korea’s notorious cyber unit, uses Chainflip to convert stolen ETH from ByBit into Bitcoin, as decentralized protocols limit frontend services. 🕵️‍♂️💻

• Bybit launches a $140M bounty to recover $1.4B in hack losses, with $43M already recovered through industry collaboration. 💰🔍

• Kash Patel, Trump’s new FBI director, holds significant investments in Bitcoin ETFs and Bitcoin mining companies. 📊💎

• Institutional Bitcoin adoption surges as 1,573 institutions disclose BTC exposure in Q4 2024 13F filings. 📈🏢

• Georgia's new Bitcoin reserve bill, introduced by Democrats, counters the Republican proposal by removing the investment limit. 🏛️💼

• Strategy acquires BTC worth $1.99B, boosting holdings to 499,096 BTC valued at $33.1B. 💸📊

• Michael Saylor advocates for the US to secure 20% of the Bitcoin network to strengthen the dollar, enrich the country, and settle national debt with digital assets. 🇺🇸💥

• VanEck introduces an innovative tool simulating the BITCOIN Act's plan to acquire up to 1M BTC over five years, potentially offsetting $21T of US debt by 2049. 🛠️🔮

• ZachXBT, a leading on-chain investigator, uncovers Lazarus Group’s ties to Bybit, BingX, and Phemex hacks, revealing shared addresses and commingled funds now exposed on-chain. 🔎💣

• US spot Bitcoin ETFs reach $750B in cumulative trading volume, with BlackRock’s IBIT leading the charge, dominating the market with 75% volume share. 💥📉

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.