According to online reports, QCP Capital released an analysis article pointing out that two days have passed since the Bybit hack and about US$1.4 billion in ETH has been stolen, but cryptocurrency prices and implied volatility have hardly responded. The price trend has highlighted the growing maturity of the cryptocurrency landscape since the FTX crash in 2022, especially in the cryptocurrency credit market. From custody and security solutions to corporate governance and transparency, every aspect of cryptocurrency has been strengthened with every past crisis. ETH has been performing well due to Bybit's buying over the weekend, but now the liquidity gap has narrowed and the risk reversal suggests fears of further declines in March.