On February 25, Ethereum’s price fell to $2325, with the ‘fast’ moving average nearing a crossover with the lower ‘slow’ counterpart.<\/p>\n Bearish sentiment prevails in the Ethereum perpetual contracts market.<\/p>\n Derivative trader Gordon Grant told The Block<\/a> that this is linked to fears of coin sales by hackers who stole $1.4 billion<\/a> by altering the smart contract logic of one of Bybit exchange’s cold Ethereum wallets. <\/p>\n The expert noted a shift in demand from calls to puts in upcoming derivatives.<\/p>\n QCP Capital reached similar conclusions, noting prevailing pessimism until expirations at the end of March. Specialists calculated that the hackers who breached Bybit became the 14th largest Ethereum holders.<\/p>\n A similar pattern is observed in Bitcoin perpetual contracts.<\/p>\n According to Coinglass<\/a>, amid a price drop to year-to-date lows<\/a>, open interest on Binance increased by 12,000 BTC in a day, indicating a rise in short positions, according to CoinDesk<\/a>. <\/p>\n Further support for the bearish scenario comes from the continued decline of the cumulative volume delta (CVD) into negative territory, signaling sales exceeding purchases.<\/p>\n Meanwhile, CryptoQuant recorded a transfer of 24,630 BTC to hodler wallets\u2014addresses associated with OTC<\/span> platforms that accumulate coins for long-term storage.<\/p>\n![\"1-1446\"](\"https:\/\/forklog.com\/wp-content\/uploads\/1-1446.webp\")
Hedging Against Decline<\/strong><\/h2>\n
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