What to know:

Crypto Daybook Americas provides your morning insights into overnight crypto market movements and expectations for the upcoming day. Subscribe to ensure you don’t miss important developments.

Bitcoin and Ether, the foremost digital currencies by market capitalization, remain steady following the recent $1.5 billion hack at Bybit, a leading cryptocurrency exchange. Perpetual funding rates being positive reflect a trend favoring long positions, advantageous during price surges.

Options trading on Bitcoin shows a bullish trend across various time horizons, whereas Ether options indicate a downward bias heading into March, continued since before the hack.

Notably, trading metrics indicate that volatility for Bitcoin has decreased, suggesting improved market stability since previous crises. QCP Capital underscores this as a sign of the crypto market’s maturation post-FTX collapse.

The industry remains reassured by Bybit’s recovery maneuvers post-incident, managing over $6 billion in withdrawals while restoring its ETH reserves.

Looking ahead, all eyes are on Solana’s SOL as Franklin Templeton—a leading asset manager—has put forth an application for a spot SOL ETF with the SEC. Key unlocks of SOL from the FTX estate may introduce significant market volatility soon.

What to Watch:

• Crypto Events:
  • Feb. 24: Bugis network upgrade on Enjin Relaychain mainnet.
  • Feb. 25: Ethereum Foundation holds AMA on Reddit.

Market Movements:

• Bitcoin is currently priced at $95,581.78, reflecting a minor increase of 0.7%.
• Ethereum’s latest valuation is $2,679.37, up by 1.91%.

Stay vigilant in this evolving market landscape.