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Bitcoin Tests Key Support at $95,000

Bitcoin is trading at $95,569, down about 1%.

Bitcoin traded between $94,378 and $96,700 over the past 24 hours, reflecting heightened volatility following the breach of Bybit’s Ethereum cold wallet. The exchange confirmed that customer funds remain secure, but the incident has intensified investor caution. The timing of the breach further exposed existing technical vulnerabilities, making it difficult for Bitcoin to reclaim the $100,000 resistance level.

Bybit Hit by Crypto’s Worst Hack With Almost $1.5 Billion Stolen

Crypto exchange Bybit said it was hacked, resulting in what analysts estimate was the loss of almost $1.5 billion worth of tokens in the biggest theft ever committed in the industry. Researchers believe North Korean hackers were likely responsible.

A hacker took control of one of Bybit’s offline Ethereum wallets, the exchange’s Chief Executive Officer Ben Zhou announced in a post on X on Friday. An estimated $1.46 billion in assets flowed out of the wallet in a series of suspicious transactions, according to posts by on-chain analyst ZachXBT on Telegram. Research firm Arkham Intelligence confirmed around $1.4 billion in outflows from the exchange, posting on X that “the funds have begun to move to new addresses where they are being sold.”

The hack is the largest-ever crypto theft, according to blockchain analytics firm Elliptic, surpassing the $611 million stolen from Poly Network in 2021. It was likely the “largest incident ever, not just crypto,” said Rob Behnke, co-founder and executive chairman of blockchain security firm Halborn.

Strategy Hints at New Bitcoin Buy

Following a brief pause, Strategy may have resumed its Bitcoin purchase. Michael Saylor on Sunday posted the Bitcoin tracker on X, which is typically followed by a Bitcoin acquisition announcement.

Saylor’s tweet comes after Strategy announced a $2 billion convertible senior note offering on Wednesday, carrying 0% interest and maturing in 2030, with proceeds intended for general corporate purposes, including Bitcoin acquisitions.

The Tysons, Virginia-based company, which recently rebranded from MicroStrategy, currently holds 478,740 Bitcoin valued at approximately $46 billion at current prices. Its latest Bitcoin acquisition of 7,633 BTC occurred in the week ending Feb. 9, at an average price of $97,255 per coin.

Coinbase Says SEC Is Close to Dismissing Enforcement Case

Coinbase Global Inc. said the Securities and Exchange Commission has agreed to drop its lawsuit that accused the largest US cryptocurrency trading platform of running an illegal exchange. The agreement is pending commissioner approval.

The decision is the latest retreat from the policies of former SEC Chair Gary Gensler, who officials in the crypto industry complained had sought to regulate the industry through enforcement actions. Last week, the SEC filed a request to put a similar case against Binance on hold, citing the pending development of a regulatory framework for digital assets under President Donald Trump’s crypto-friendly administration.

The SEC complaint will be dismissed with prejudice, which means the agency can’t refile it, Coinbase said in a statement. Paul Atkins, the pro-crypto advocate nominated by Trump to head the SEC, hasn’t been confirmed yet. A spokesperson for the SEC declined to comment.

Bitcoin Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on Friday was $62.77 million. The total net asset value of Bitcoin spot ETFs is $110.8 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 5.88%.

Source: SoSoValue

The Bitcoin spot ETF with the highest net outflow on February 21 was Grayscale Bitcoin Trust (GBTC), with a net outflow of $60.08 million. Following that was Bitwise Bitcoin ETF (BITB), with a net outflow of 16.58 million, according to SoSoValue.

Source: SoSoValue