HashWhale BTC Mining Weekly | Bybit Hacked, Market Impacted; Miners' Daily Profit Decreases (2.17-2.23)

Author: Mongqi | Editor: Mongqi

1. Bitcoin Market and Mining Data

From February 17 to February 23, 2025, Bitcoin prices exhibited significant fluctuations, with the market experiencing multiple breakthroughs and pullbacks at key technical levels, leading to intense short-term battles between bulls and bears. The specific trends are as follows:

On February 17, Bitcoin's price fell below $97,000 in the morning and consolidated around that level. At 6 AM, the price dipped to $96,130 before rebounding slightly, maintaining around $96,470. In the evening, bulls attempted to push the price up, reaching $96,884, but failed to effectively break through $97,000, subsequently facing selling pressure and quickly falling back to a low of $95,430, showing an overall downward correction throughout the day.

On February 18, the market entered a period of intense fluctuations, with increased volatility during the day. The price oscillated between $95,180 and $96,550, with fierce competition between bulls and bears. In the evening, bearish forces gained the upper hand, leading to a rapid breakdown, with the price dropping from $96,488 to a low of $93,487, marking a new weekly low and reflecting a pessimistic short-term market sentiment.

On February 19, after hitting the weekly low, Bitcoin experienced a corrective rebound. The price surged from $93,487, reaching a high of $95,783, and subsequently stabilized above $96,000, indicating a slight recovery in short-term market confidence. In the evening, the price fluctuated between $95,650 and $96,470, with $95,650 showing strong support, indicating increased buying power in the market.

On February 20, bulls continued to exert pressure, pushing Bitcoin prices further past key resistance levels. Starting from around $95,650, the price rose steadily, peaking at $97,893 before slightly retreating to consolidate around $96,989.

On February 21, market sentiment further warmed, with Bitcoin prices breaking through $98,000, reaching a high of $98,722. Although there was a slight pullback to $98,100 during the day, bulls maintained dominance, and in the evening, the price surged again, hitting $99,454, approaching the psychological barrier of $100,000, leading the market into a high-level consolidation phase.

On February 22, a sudden negative event occurred in the market, as the Bybit exchange suffered a $1.5 billion hacking attack, causing panic among investors. Bitcoin's price quickly plummeted from $98,619 to a low of $95,012, significantly increasing short-term selling pressure. Subsequently, market sentiment gradually recovered, with prices rebounding to around $96,500.

On February 23, Bitcoin prices continued the previous day's consolidation pattern, with a narrowing range of fluctuations, maintaining between $96,400 and $96,700. As of the time of writing, Bitcoin was priced at $96,470, with no clear directional signals emerging in the market.

Overall, Bitcoin experienced significant volatility this week, testing key resistance and support levels multiple times. The short-term direction of the market remains unclear, and investors should pay attention to changes in market sentiment and the impact of macroeconomic news on price movements.

Bitcoin Price Trends (2025/02/17-2025/02/23)

Market Dynamics and Macroeconomic Background

Capital Flow

In terms of capital flow, the inflow of funds into Bitcoin and Ethereum has significantly decreased over the past month, dropping from $45 billion to $30 billion, a decline of over 30%. Meanwhile, trading activity among Bitcoin whales has also noticeably decreased, with no significant buying or selling actions and a decline in trading frequency. Despite Bitcoin prices fluctuating between $90,000 and $105,000, continuous net outflows from exchanges are still occurring, with the 30-day moving average indicating that net outflows exceed inflows, which is viewed as a bullish signal. Historical data shows that when the inflow/outflow ratio of exchanges enters a "high demand zone," Bitcoin often experiences short-term price increases. Analysts point out that some of the outflows may stem from the routine transfer of assets from centralized exchanges to ETFs, institutional investors, and over-the-counter trading platforms.

However, the bearish turn in cross-exchange flow indicators suggests that market risk appetite is declining, and investor sentiment is becoming more cautious. This divergence signal may imply that Bitcoin prices will experience increased volatility in the short term, and investors should closely monitor future market changes.

Additionally, the trading frequency among Bitcoin whales has significantly decreased, with no clear buying or selling actions, reflecting a wait-and-see sentiment in the market. K33 Research notes that Bitcoin is currently in a low volatility state, with overall market performance being sluggish and risk-averse sentiment being pronounced. Traders should remain cautious until clear directional signals emerge.

Technical Analysis

From a technical perspective, Bitcoin has been oscillating in the $93,000 to $99,500 range this week, facing key support and resistance levels in the short term. Bitcoin is currently fluctuating in the $93,000 to $99,500 range, with key support at $95,000 and resistance at $97,000. If it breaks through the resistance level, it may rise further to $120,000; if it falls below the support level, a deeper correction may occur. The 50-day moving average is around $96,000, forming short-term resistance, while the 200-day moving average is at $105,000, serving as a long-term key resistance level. The RSI is currently at 68, nearing the overbought zone, indicating potential pullback pressure in the short term. The MACD indicator shows bearish divergence signals, further increasing the risk of a pullback. Additionally, the slowdown in capital flow and an MVRV ratio of 1.5 indicate that the market is relatively healthy but also presents overbought risks, suggesting potential for significant volatility in the short term.

Market Sentiment

During the period from February 17 to February 23, 2025, market sentiment for Bitcoin and the overall cryptocurrency market exhibited a degree of caution, primarily influenced by capital flows and technical indicators. According to the Crypto Fear & Greed Index data, the current market sentiment is in the neutral range, with an index around 53, reflecting that investor sentiment is not leaning towards extreme greed or fear, which typically indicates a consolidation phase in the market. According to IntoTheBlock data, bullish sentiment for Bitcoin is about 55%, down from the previous weeks' 60%-65%. This indicates a weakening of confidence among market participants, especially during periods of high price volatility, where investor sentiment may turn cautious. Additionally, Glassnode data shows that Bitcoin's inflow has decreased compared to last week, indicating a reduction in market activity and a weakening willingness to enter the market. Overall, although market sentiment remains relatively stable, investors are cautious about price breakouts in the short term, with high volatility expected.

Macroeconomic Background

In late February 2025, the macroeconomic backdrop significantly impacted the Bitcoin market. Federal Reserve Chairman Jerome Powell and other officials released hawkish signals, clearly indicating a continuation of high interest rate policies, which directly suppressed the preference for risk assets and intensified fluctuations in the Bitcoin market. Simultaneously, economic growth in China and Europe continued to weaken, and the People's Bank of China did not loosen monetary policy, prompting global investors to shift towards low-risk strategies, further suppressing Bitcoin's volatility. Although Bitcoin is often referred to as "digital gold," its safe-haven properties significantly weakened this week, with price movements being more influenced by technical factors, reflecting market doubts about the long-term prospects of crypto assets. Furthermore, the hacking incident at the Bybit exchange triggered a crisis of trust, causing Bitcoin to briefly fall below the critical support level of $95,000, exposing security vulnerabilities in the industry and exacerbating short-term selling pressure, leading the market into a consolidation phase.

In terms of the regulatory environment for cryptocurrencies, multiple countries accelerated the advancement of regulatory frameworks for the cryptocurrency industry in February 2025, particularly focusing on the digital asset regulatory issues in the United States. The U.S. Securities and Exchange Commission (SEC) has recently intensified legal scrutiny of stablecoins and exchanges, while the EU's MiCA regulation is set to be implemented in 2025, which is expected to have a profound impact on the market's regulatory environment. As the regulatory framework gradually clarifies, market sentiment has shown a cautious attitude.

In traditional markets, according to IntoTheBlock data, on February 17, the correlation between Bitcoin and the S&P 500 index dropped to zero, indicating no current relationship between the two, similar to the situation when Bitcoin broke through $100,000 on November 5, 2024.

Hash Rate Changes:

From February 17 to February 23, 2025, the Bitcoin network hash rate experienced significant fluctuations. On February 17, the hash rate oscillated between 730 EH/s and 830 EH/s. On February 18, the hash rate first rose to 804.19 EH/s, then fell to 739.60 EH/s, and quickly rebounded to 798.36 EH/s, without significant volatility. On February 19, the hash rate rose to 847.11 EH/s, then slightly corrected to 812.60 EH/s, and significantly dropped in the evening, reaching a low of 696.93 EH/s, before stabilizing around that level. On February 20, the hash rate continued the previous day's trend, maintaining around 700 EH/s. On February 21, the hash rate showed a rebound, first rising to 830.83 EH/s, then correcting to 828.61 EH/s, and finally further declining to 708.55 EH/s. On February 22, the hash rate rose again to 826.82 EH/s, then fell back to 716.11 EH/s.

The fluctuations in hash rate during this period demonstrate the strong volatility of the Bitcoin network, likely influenced by changes in miner participation, equipment adjustments, or other market factors.

Bitcoin Network Hash Rate Data

Mining Revenue:

According to a report by JPMorgan, publicly listed Bitcoin mining companies in the U.S. accounted for 29% of the global Bitcoin network hash rate in February 2025, nearly double that of the same period last year. Although the Bitcoin network hash rate increased by 6% this month, miners' average daily profits decreased by 13% due to the drop in Bitcoin prices. The report also noted that the combined hash rate of 14 tracked Bitcoin mining companies grew by approximately 95% year-on-year, reaching 244 EH/s, while the global network hash rate increased by 45% year-on-year. However, due to the slight decline in Bitcoin prices, the mining economy is under pressure, with miners' average daily profits decreasing to about $53,600, down 6% from January. Notably, some mining companies, such as IREN, performed strongly, with stock prices rising 27% in the first two weeks of February, while Greenidge Generation fell by 20%.

It is important to note that the cost of mining one Bitcoin varies due to multiple factors, including electricity costs, mining machine efficiency, mining difficulty, and regional differences. As of February 23, 2025, the total cost of mining one Bitcoin was approximately $96,414.03. Given the volatility of Bitcoin prices, miners' profitability may be affected.

Overall, although Bitcoin mining revenue remains stable, miners' profitability is under dual pressure from declining Bitcoin prices and increasing mining difficulty. Mining companies need to pay attention to market dynamics and optimize operational strategies to address industry challenges.

Energy Costs and Mining Efficiency:

According to CloverPool data, as of February 23, 2025, the total network hash rate was approximately 761.71 EH/s, and the network mining difficulty was 114.17 T. The next Bitcoin mining difficulty adjustment is expected to decrease by 3.48% in 15 hours, down to 110.19 T.

According to a VanEck report, due to unstable transaction fee income, Bitcoin mining companies are accelerating their transition to artificial intelligence (AI) and high-performance computing (HPC) businesses. The report points out that while network congestion may lead to short-term fee increases, there is uncertainty regarding long-term on-chain revenue growth. It is expected that Bitcoin mining companies will allocate 20-30% of their power capacity for AI and HPC businesses in the future to diversify their revenue sources.

To support this transition, mining companies are expanding their power capacity to accommodate AI and HPC workloads and utilizing existing power infrastructure to enhance profitability. It is anticipated that by 2027, Bitcoin mining companies' power expansion will reach 20.4 GW, and the demand for electricity from AI will further impact the allocation of power resources.

Bitcoin Mining Difficulty Data

2. Policy and Regulatory News

Montana's Strategic Bitcoin Reserve Legislation Passes Committee Review, Set to Enter House Voting Stage

On February 20, it was reported that Montana's strategic Bitcoin reserve legislation has passed committee review and is set to enter the house voting stage.

Previously reported, House Bill 429 in Montana will authorize the state treasurer to invest up to $50 million from the general fund in "digital assets with a market capitalization exceeding $75 billion," namely Bitcoin, before July 15, 2025. These investments must be held by qualified custodians or traded through exchange-traded funds.

Trump: Ends Biden Administration's War on Bitcoin and Cryptocurrencies

On February 20, U.S. President Trump stated that he has signed an executive order to position the U.S. as a leader in artificial intelligence and to end the Biden administration's war on Bitcoin and cryptocurrencies, marking the arrival of a new era for digital assets.

Utah's Bitcoin Reserve Bill Passes Senate Tax Committee Review

On February 21, it was reported by Cointelegraph that Utah's HB230 "Blockchain and Digital Innovation Amendment" passed the state senate tax committee review with a vote of 4-2-1 on February 20, and the bill will proceed to the second and third readings in the senate.

According to the bill, to qualify as a reserve asset, a digital asset must have an average market capitalization of $500 billion or more in the previous calendar year. Currently, only Bitcoin meets this requirement. The bill also authorizes the state treasurer to participate in cryptocurrency staking, allowing the state treasury to invest no more than 5% of digital assets in five state-level accounts, including the general budget fund, income tax fund budget, and state disaster recovery accounts.

Previously, the Utah Bitcoin reserve bill was passed by the house and entered the senate tax committee for review.

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Russia's Supreme Court Pushes to Classify Cryptocurrencies as Property in Criminal Cases

On February 22, it was reported by News.bitcoin, citing TASS, that Russia's Supreme Court is pushing to classify cryptocurrencies as property in criminal cases, aiming to enhance law enforcement's ability to track, freeze, and confiscate illegal digital assets. The Supreme Court is involved in drafting a legislative initiative "aimed at treating digital currencies as property in criminal proceedings," which could strengthen law enforcement's capacity to handle crypto-related crimes.

This is not the first time the Russian Supreme Court has dealt with cryptocurrency issues in legal proceedings. In 2019, the court ruled that if digital currencies were obtained through illegal activities, particularly in cases involving drug trafficking, exchanging Bitcoin for rubles would constitute money laundering. The court's ruling further indicated that cryptocurrencies could fall under existing anti-money laundering laws. Additionally, in 2021, the court ruled that the electronic currency WMZ used in the Webmoney Transfer system is legally recognized as a civil rights object, setting a precedent for Russia's legal treatment of digital assets. These earlier rulings indicate that the Supreme Court is working to incorporate cryptocurrencies into the country's judicial framework.

3. Mining News

Report: Bitcoin Mining Creates 31,000 Jobs in the U.S., Contributing Over $4 Billion to Economic Output

On February 17, it was reported that according to the latest research report by the Perryman Group, the Bitcoin mining industry has directly created over 31,000 jobs in the U.S. and indirectly driven employment growth through related industries. The industry contributes over $4.1 billion annually to the U.S. economy, accounting for about 40% of the global Bitcoin hash rate.

The report noted that Bitcoin mining activities in the U.S. are primarily concentrated in 12 states, with Texas benefiting the most, generating $1.7 billion in annual economic activity and creating over 12,200 jobs. The mining industries in Georgia and New York contributed $316.8 million and $225.9 million to the economy, respectively. Additionally, Bitcoin mining plays a role in stabilizing grid loads, supporting local energy infrastructure. This study was commissioned by the Texas Blockchain Council and the Digital Chamber of Commerce.

SEC Temporarily Suspends Lawsuit Against Bitcoin Miner Geosyn Due to Fraud Charges by U.S. Federal Government

On February 17, it was reported that the U.S. Securities and Exchange Commission (SEC) has temporarily suspended its fraud lawsuit against the cryptocurrency mining company Geosyn Mining and its executives, following similar charges brought against the company's CEO and two former executives by U.S. federal prosecutors. In a filing submitted to the federal court in Texas on February 14, the agency agreed to defer its case filed in April 2024, after Geosyn's CEO Caleb Joseph Ward and the company's former operations manager Jeremy George McNutt surrendered to authorities and appeared in court the day before.

Trump has promised to ease regulatory enforcement on the cryptocurrency industry, while the SEC established a special task force last month to engage with the industry and suspended some crypto-related lawsuits. However, the SEC stated in a filing on the same day that "the SEC's crypto special task force or the current government's stance on the crypto industry should not affect this case," as it is unrelated to crypto regulation and does not accuse the two of selling cryptocurrencies.

Previously, in April 2024, the SEC sued Bitcoin miner Geosyn, accusing its founders of defrauding $5.6 million.

4. Bitcoin News

Global Corporate and National Bitcoin Holdings (This Week's Statistics)

• Michael Saylor: Strategy founder Michael Saylor revealed that he holds no other cryptocurrencies besides Bitcoin, with personal Bitcoin holdings exceeding 17,732 coins, stating that he has increased his holdings over the past few years but did not disclose specific amounts.

• Hong Kong HK Asia Holdings: After purchasing one Bitcoin, the company's stock price surged 93% in a single day, nearing historical highs.

• Bitcoin ETF Institutional Holdings: As of the end of 2024, institutional investors held 25.4% of the total assets in spot Bitcoin ETFs, amounting to $26.8 billion, with significant growth in BlackRock's IBIT holdings.

• Salvadoran Government: Since December 2024, the country has accelerated its Bitcoin purchases, averaging about 1.6 BTC per day, currently holding 6,081 coins with a total market value of approximately $579.9 million.

• Semler Scientific: Due to the revaluation of Bitcoin assets, the company reported a net profit surge to $29.2 million in Q4, with earnings per share of $3.64.

• Bank of New York Mellon: Disclosed holdings of over $13 million in Bitcoin ETFs, including the WisdomTree Bitcoin Fund (BTCW) and BlackRock's iShares Bitcoin Trust (IBIT).

• Japan's Metaplanet: The company holds 0.01% of the total Bitcoin supply.

• South Africa's Altvest Capital: Plans to raise $10 million to purchase Bitcoin, becoming the first publicly listed company in Africa to use Bitcoin as a treasury reserve.

• Australia's Monochrome ETF: As of February 20, holdings reached 319 BTC, with a total market value of approximately $48.704 million.

• Nano Labs: Announced an increase in Bitcoin holdings to 400 coins, valued at approximately $40 million, and raised $5.9 million through private equity transactions.

• MultiCorp International: Plans to invest $25 million in Bitcoin using a leveraged acquisition structure as part of its asset allocation.

Bitwise Chief Investment Officer: This Year Will See a Turning Point for Bitcoin Adoption

On February 17, Bitwise Chief Investment Officer Matt Hougan stated on X that this year will see more funds flowing into ETFs, and additionally, corporations, nations, wealth management firms, and traditional financial institutions will increase their Bitcoin purchases.

On the other hand, regulators are creating productive transparency; the world (geopolitics, monetary policy, etc.) is increasingly in an environment that drives Bitcoin demand. "This will be a watershed year."

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The Number of Bitcoin Holders in the U.S. Has Exceeded the Number of Americans with Student Loans

On February 17, it was reported that according to Cointelegraph data, the number of Bitcoin holders in the U.S. (approximately 50 million) has surpassed the number of Americans burdened with student loans (approximately 43 million).

Bernstein: The U.S. May Promote Bitcoin as a National Reserve, Institutional Funds Accelerating Bull Market

On February 18, it was reported by CoinDesk and Decrypt that investment bank Bernstein pointed out in its latest research report that the U.S. cryptocurrency working group is promoting the establishment of a national Bitcoin reserve, which could trigger a global competition among sovereign nations to include Bitcoin as a reserve asset. The report explored key issues related to the establishment of reserves, including determining the purchasing entities, sources of funds (or resolving through bond issuance or gold sales), and the possibility of incorporating approximately $20 billion worth of Bitcoin seized by the government into reserves.

Meanwhile, Bernstein analysts stated that as institutional funds continue to flow in, the Bitcoin bull market will persist. Banks, institutional investors, corporations, and sovereign nations (directly or through sovereign funds) are collectively pushing Bitcoin to challenge gold. The Abu Dhabi sovereign wealth fund has purchased Bitcoin through ETFs, and top institutions such as Jane Street Group, Citadel Advisors, and Morgan Stanley have invested hundreds of millions of dollars in Bitcoin ETFs. Bernstein advises investors to prepare for a new round of upward trends in Bitcoin and related stocks, maintaining its price target of $200,000 for Bitcoin by the end of 2025.

Standard Chartered Analyst: Trump's Prediction of Bitcoin Exceeding $500,000 Upon Leaving Office Remains Valid

On February 19, Standard Chartered analyst Geoff Kendrick previously stated that he expects Bitcoin prices to exceed $500,000 when Donald Trump leaves office.

In a report on Tuesday morning, he stated that this prediction remains valid, reviewing BTC's weak price movements in the short term, with recent 13F filings regarding institutional ownership of spot Bitcoin ETFs providing data support. Kendrick noted that the types of buyers have evolved from retail investors to hedge funds, and now to banks and sovereign wealth funds, pointing out that institutions like Goldman Sachs have increased their ETF holdings, and Abu Dhabi has also made its first purchase of Bitcoin ETFs.

The analyst stated, "Looking ahead, we expect more long-term bullish funds to purchase Bitcoin, and we anticipate that Abu Dhabi's position will mark the beginning of broader participation from sovereign nations."

Strategy Announces Plan to Issue $2 Billion in Convertible Preferred Notes to Support More Bitcoin Purchases

On February 19, it was reported that Strategy (MSTR.O) announced plans to privately issue $2 billion in 0% convertible preferred notes due in 2030 to qualified institutional buyers. Strategy also expects to grant initial purchasers the option to buy up to $300 million in notes, with settlement occurring within five business days (including the day of issuance). Strategy intends to use the net proceeds from this issuance for general corporate purposes, including acquiring Bitcoin and as working capital.

Google Exploring Use of "Google Login" Feature for Bitcoin Wallet Access

On February 19, it was reported that Kyle Song, Google's Web3 expert for the Asia Pacific region, revealed during a Bitcoin technology carnival in Hong Kong that Google is working to make Bitcoin wallets as user-friendly as Web2 applications. Google's vision is to allow users to log into Bitcoin wallets using their existing Google accounts, aiming to bring Bitcoin closer to mainstream users.

Song stated that the launch of spot Bitcoin ETFs in 2024 has opened a more convenient path for large Web2 companies like Google to enter the Bitcoin industry. Since last year, the tech giant has been collaborating with companies and developers in the Bitcoin space. Song said, "We are exploring ways to lower the entry barrier so that Web2 users can easily use Bitcoin." When discussing bridging the technological gap between traditional finance and blockchain-based finance, Song noted that Google is focusing on enhancing security. He stated, "We are also researching solutions to address trust issues between on-chain systems and off-chain systems. Google is particularly considering how to use advanced cryptographic techniques like zero-knowledge proofs (ZKP) to enhance reliability."

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Vitalik: Only Bitcoin and Ethereum Do Not Need Foundations

On February 19, Ethereum co-founder Vitalik answered the question "Should today's Ethereum be closer to Bitcoin or a world computer?" during a text AMA on the Tako platform, stating, "I think these two ways of thinking are compatible.

If you need to identify which blockchains are 'truly decentralized,' a relatively simple test can be applied: If its foundation disappears, can the chain survive? I feel that only Bitcoin and Ethereum can clearly answer: Of course, they can. Most of Ethereum's development is external, and the client teams have independent business models. Currently, many vulnerabilities are not within the foundation, and almost all activities, except for Devcon, are independent."

Institutional Holdings of Spot Bitcoin ETFs Grew Over 200% in Q4 2024 Compared to Q3

On February 20, it was reported that according to 13F filings submitted to the U.S. Securities and Exchange Commission (SEC), large institutions such as pension funds or hedge funds held spot Bitcoin ETFs worth $38.7 billion in the fourth quarter of 2024, doubling in size compared to Q3.

As of Q4 2024, institutional investors held spot Bitcoin ETFs valued at $38.7 billion. This figure is more than three times the $12.4 billion reported in Q3.

Among them, the Wisconsin Investment Board increased its holdings of BlackRock's iShares Bitcoin Trust (IBIT) stock to just over 6 million shares. Billionaire hedge fund investor Paul Tudor also increased his holdings in IBIT from 4,428,230 shares to 8,048,552 shares, nearly doubling.

Bloomberg Intelligence senior ETF analyst Eric Balchunas stated that IBIT currently has 1,100 institutional holders who have reported their holdings through 13F filings. Most newly launched ETFs typically have fewer than 10 institutional holders.

VanEck: U.S. Strategic Bitcoin Reserves Could Offset $21 Trillion in National Debt, Modeling Tool Released

On February 21, it was reported that VanEck's latest research indicates that if the U.S. establishes strategic Bitcoin reserves and holds Bitcoin priced at $1 million, the total value could offset approximately $21 trillion in national debt by 2029.

Matthew Sigel, head of digital asset research at VanEck Research, stated on X that the institution has modeled the impact of U.S. strategic Bitcoin reserves on national debt and released related tools on its website. In response, Cynthia Lummis, chair of the U.S. Senate Banking Committee's digital asset subgroup, stated that the tool is very interesting and worth promoting, believing that Bitcoin could serve as a potential solution to reduce national debt issues.

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Bybit Suffers $1.5 Billion Hacking Attack, Market Impacted but Bitcoin Reserves Remain Stable

On the evening of February 21, the cryptocurrency exchange Bybit suffered a hacking attack, with approximately 400,000 Ethereum (ETH) and stETH transferred to unknown addresses, resulting in total losses exceeding $1.5 billion, marking the largest cryptocurrency theft incident to date. Bybit CEO Ben Zhou stated that hackers gained control of the wallet by forging the user interface, tricking signers of the multi-signature cold wallet into authorizing malicious transactions.

Despite the significant loss, Bybit has ensured the safety of user assets, and platform operations were not affected. CryptoQuant data shows that after the incident, Bybit's Bitcoin reserves decreased by approximately 2,000 coins but still held around 68,000 BTC, with reserves remaining stable and no unusual fluctuations. In the market, this incident drew widespread attention, causing Bitcoin prices to briefly drop below $95,000, impacting market sentiment. Currently, Bybit is collaborating with blockchain security experts to investigate the attack and has received support from industry peers such as Bitget and Binance.

As of February 23, deposits and withdrawals on Bybit have fully returned to normal levels, with on-chain data confirming this situation.