Following the Bybit security breach, Ethereum has faced increased selling pressure and has fallen 5% in the past 24 hours. Traders are concerned about potential further declines as the market reacts to the hack. Crypto derivatives expert Gordon Grant suggests that Bybit's efforts to stabilize the market may have come to an end, increasing the likelihood of the stolen assets being sold and putting more pressure on ETH prices. Investors are seeking protection against downside risks, leading to increased demand for puts over calls in derivatives data. QCP Capital analysts also express concerns about further declines leading up to March maturities.



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