KEYTAKEAWAYS
- Bybit hacker’s stolen ETH nearly fully laundered
- Crypto market cap jumps 9% to $3.25T
- Polymarket bets on Trump’s BTC reserves rise to 17%
CONTENT
BYBIT HACKER’S STOLEN ETH NEARLY FULLY LAUNDERED
On March 3, blockchain analyst Yu Jin reported that the Bybit hacker has almost finished laundering the 499,000 ETH they stole. Currently, only 60,000 ETH (worth around $148 million) remains in the hacker’s address waiting to be washed. In the past 24 hours, the hacker has laundered 96,500 ETH.
Analysis:
As the hacker nears the end of the laundering process, short-term selling pressure may ease. However, some funds could enter the OTC market or be used for price manipulation, so it’s still important to monitor ETH’s price movements.
CRYPTO MARKET CAP JUMPS 9% TO $3.25T
On March 3, according to CoinGecko, the total crypto market cap surged 9% to $3.254 trillion, fueled by Donald Trump’s latest pro-crypto remarks.
Yesterday, Trump announced plans to direct a presidential task force to develop a crypto strategy, including reserves of XRP, SOL, and ADA. He emphasized making the U.S. the world’s crypto capital, with BTC, ETH, and other valuable assets forming the core of the reserves.
Analysis:
While market sentiment quickly turned bullish, uncertainty remains regarding actual policy implementation. Historically, politicians’ crypto endorsements serve as short-term catalysts rather than long-term drivers.
If the U.S. government truly begins holding crypto reserves, it could push traditional financial institutions to reassess crypto’s value, possibly triggering institutional FOMO.
POLYMARKET BETS ON TRUMP’S BTC RESERVES RISE TO 17%
On March 3, Polymarket data showed that the probability of Trump establishing a strategic Bitcoin reserve within his first 100 days in office rose from 10% to 17%. On January 20, the day of his inauguration, the probability briefly spiked to 48%. The total betting volume on this market has reached $7.37 million.
Analysis:
Although the probability has increased, 17% is still relatively low, suggesting that the market remains skeptical about the plan becoming a reality. Historically, political statements about crypto tend to boost short-term sentiment, but actual policy execution takes time and practical considerations.
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