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Holy fuck just thought my @phantom wallet got drained But it's just every token at zero

For the better part of 2024’s third quarter, Bitcoin has watched its market capitalization balloon, hitting new highs. However, the altcoin market cap hasn’t kept pace, remaining below its previous all-time high, leading to concerns about capital rotation. Presently, the Altcoin Season Index , which tracks market cycles, currently sits at 26. This is below the threshold of 75 needed to confirm an altcoin-dominated phase. While this indicates that Bitcoin is still dominant, a shift toward altcoin season could occur if Bitcoin begins to stabilize or decline. In a tweet, CryptoQuant CEO Ki Young Ju described the altcoin market as a “zero-sum PvP game,” with assets rotating among themselves without fresh capital inflows. In his view, only a handful of projects with real-world use cases will make it big and reach new peaks in this cycle. Related: Is Altcoin Season Coming Feb 2025? A Look at the Bullish Signs Despite this, some analysts believe an altcoin breakout is imminent. Crypto Rover stated that Bitcoin’s bull run is “80% completed,” with the next 20% expected to be the most volatile. Historically, altcoins tend to rally after Bitcoin reaches its cycle top, indicating that a shift may be on the horizon. Crypto analyst Ted pointed out that the altcoin market cap recently experienced its first golden cross since early 2021. A golden cross occurs when the 50-day moving average crosses above the 200-day moving average. Historically, this cross signals a strong uptrend. In 2021, the last golden cross preceded a 500% surge in altcoin market capitalization within months. Meanwhile, Crypto Goos reinforced this sentiment, stating that “altcoin season will make a huge comeback” and predicting that investors could see significant gains soon. However, the debate over altcoin season continues. Even though technical indicators suggest a bullish outlook, Ki Young Ju’s observation about the lack of new capital entering the altcoin market raises concerns. Crypto analyst Miles Deutscher believes that the introduction of Bitcoin ETFs has altered the traditional market cycle. Historically, Bitcoin’s halving cycle led to wealth accumulation, prompting investors to reinvest in altcoins. Related: Altcoin Season MIA? Raoul Pal Reveals Crypto Portfolio, Puts Sui Ahead of Solana However, Deutscher notes that this cycle is weakening because Bitcoin ETF investors primarily hold BTC through traditional financial markets rather than crypto exchanges. Since these ETFs settle in U.S. dollars, there is minimal capital rotation into Ethereum and other altcoins. Glassnode data backs up this claim, highlighting a sharp $234 billion decline in the altcoin market capitalization over the past weeks. This marks one of the most significant drawdowns in recent history, though it remains less severe than the May 2021 miner migration crash or the late 2022 LUNA collapse. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Bybit exchange has reportedly purchased 266,700 ETH worth $742 million across two days, according to blockchain analytics firm Lookonchain. The transactions occurred in the days following Bybit’s $1.4 billion hack, which has taken the industry by surprise. A wallet linked to Bybit, identified as “0x2E45…1b77,” purchased 157,660 Ethereum (ETH)—worth approximately $437 million—from cryptocurrency investment firms Galaxy Digital, FalconX, and Wintermute through over-the-counter transactions. This wallet made its first transaction on Feb. 22 at 4:44 PM UTC. It seems that #Bybit has bought 266,694 $ETH($742M) after being hacked.0x2E45…1b77(related to #Bybit) bought 157,660 $ETH($437.82M) from Galaxy Digital, FalconX, Wintermute via OTC.0xd7CF…A995(likely related to #Bybit) bought 109,033 $ETH($304.12M) from DEXs and CEXs.… pic.twitter.com/8FfGZo18OU — Lookonchain (@lookonchain) February 24, 2025 A second wallet, “0xd7CF…A995,” was also involved in a $304 million Ethereum purchase, conducted through both centralized and decentralized exchanges. While not formally recognized as part of Bybit, both Lookonchain and Arkham Intelligence indicate close connections based on transaction trends. The wallet’s interactions with Binance and MEXC hot wallets further fuel rumors suggesting a link to the exchange. You might also like: Ethena Labs reveals zero unrealized PNL exposure to Bybit The purchases follow one of the largest crypto exchange hacks in history, in which a hacker exploited Bybit’s multisig cold wallet using a masked URL trick to manipulate contract logic and drain over 401,000 ETH. The attacker has since begun moving the stolen funds across multiple wallets, prompting a coordinated effort to freeze assets. A joint effort between major blockchain entities has already resulted in $42.89 million being frozen in just one day, according to Bybit’s Feb. 23 X post. Platforms like Tether, THORChain, Avalanche, CoinEx, Bitget, and Circle have all played a role in identifying and blocking blacklisted addresses, limiting the attacker’s ability to launder funds. A coordinated effort led to the freezing of $42.89M in just one day. Thanks to the following teams for their swift action: @Tether_to: Flagged address and froze 181K USDT @THORChain: Blocked the blacklist @ChangeNOW_io: Froze 34 ETH @FixedFloat: Froze 120K USDC + USDT… — Bybit (@Bybit_Official) February 23, 2025 Despite the massive hack, Bybit has maintained its financial stability, and CEO Ben Zhou affirmed that all user funds are secure. According to Lookonchain data, Bybit has received about 446,870 ETH, roughly $1.23 billion, from whale deposits, loans, and ETH purchases since the hack. A $140 million bounty has also been offered by the exchange to security researchers and ethical hackers who help retrieve the stolen assets. Read more: Ethereum wavers as Bybit ETH reserves rise after Lazarus hack

SEC crypto task force meets firms as regulatory shift looms The SEC's crypto task force, led by Commissioner Hester Peirce, has met with firms like Zero Hash, Paradigm Operations and Michael Saylor to discuss crypto regulations. Industry leaders urged the SEC to reconsider its…

Strategy finalizes $2B zero-coupon convertible note offering Michael Saylor, founder of Strategy (formerly MicroStrategy), announced on X that the company has completed a $2 billion offering of convertible notes with a 0% coupon and a 35% premium, setting an implied strike price…