QCP: Bybit hackers cashed out at least $300 million on Sunday, intensifying concerns about further selling

According to BlockBeats, on March 10th, QCP released a daily analysis stating that "last Friday's non farm payroll data provided some relief for the US stock market and cryptocurrency, strengthening market expectations for further interest rate cuts in May. Bitcoin maintained a regional consolidation of around $86000 for most of Saturday, seemingly laying the foundation for a steady recovery this week. However, this momentum was broken by Bybit hackers. Hackers cashed out at least $300 million during the low liquidity period on Sunday, which once again tested key support levels for Bitcoin and Ethereum. Today's price sell-off may be exacerbated by holders' early concerns about hackers further releasing supply, as hackers have shown a willingness to cash out assets rather than risk further losses - the assets they stole have depreciated by 25%. In response, the increased demand for short options with risk reversal in the past 24 hours reflects market concerns about further selling pressure. Although $80000 remains a key support level for Bitcoin in the near future, the upside space seems to be limited as the story of strategic Bitcoin reserves has been fully priced. The recent flow of options indicates that the market may not have a more constructive bullish outlook until after the third quarter. Before cryptocurrencies find new market driven stories, the correlation between Bitcoin and US stocks may increase in the short term. Both are currently close to recent lows, and tariff risks remain uncertain. It is expected that market volatility may intensify before the release of macroeconomic data in the United States