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Highlights
- The Bybit hack triggered a $75 billion crypto market decline, but traders are betting on BGB, TON, and XMR for a rebound.
- Derivatives data shows leveraged long positions surging for these three assets, signaling bullish expectations despite market uncertainty.
- Privacy and exchange utility tokens are gaining traction as traders hedge against centralized platform vulnerabilities.
Crypto markets endured $75 billion losses in reacted to the $1.4 billion hack on ByBit, derivatives markets data shows traders are placing large bets on BGB, TON, and XMR for an early rebound.
Top 20 Cryptocurrencies in Red Despite Bybit Hack Response
After a week of steady gains, the cryptocurrency market plunged on Friday following the $1.4 billion Bybit hack. The exploit, linked to North Korea’s Lazarus Group—implicated in breaches of Atomic Wallet, and Harmony’s Horizon Bridge—which sparked broad sell-offs in recent years.
In quick response, Bybit CEO Ben Zhou confirmed that the breach affected only one Ethereum cold wallet, with all other wallets and withdrawals remaining unaffected.
In an attempt to stabilize market confidence, Binance sent 50,000 ETH in emergency liquidity support to Bybit. Zhou also reassured users, stating that user funds are safe for withdrawals.
“Bybit hot wallets, warm wallets, and all other cold wallets are fine. The only cold wallet that was hacked was ETH cold wallet. ALL withdrawals are NORMAL.” – Ben Zhuo, ByBit CEO, Feb 21, 2025
Despite these efforts, traders remained cautious, with Bitcoin, Ethereum, and Solana posting some of the deepest losses.
At press time on Saturday, Bitcoin traded at $96,671, marking a 2.4% decline in 24 hours, while Ethereum slipped to $2,736, reflecting a 2.9% drop. Solana extended its losses, plunging 3.0% to $173, bringing its weekly decline to 11.2%. The global cryptocurrency market capitalization currently stands at $3.31 trillion, representing a $75 billion drop, or 4.3%, over the past day.
Despite Binance’s emergency liquidity support, trading volume has surged to $148.5 billion, signaling that selling pressure remains elevated as traders move assets, seeking safety amid market uncertainty. This heightened activity suggests further downside risk as investors reassess exposure in response to the Bybit exploit.
Derivatives Traders Bet on BGB, TON, and XMR for a Rebound
While most cryptocurrencies remain under selling pressure, derivatives data suggests that select traders are positioning for a market recovery. Coinglass liquidation heatmaps reveal a surge in leveraged long positions on BGB, TON, and XMR, with open interest on these assets outpacing broader market trends.
Futures market data shows traders accumulating long positions in these three assets despite the downturn, betting on their resilience. XMR, known for its privacy features, often sees demand rise during periods of regulatory scrutiny or hacking incidents. TON, backed by Telegram, has gained traction among retail traders, while BGB, Bybit’s native token, is drawing interest following the exchange’s swift response to the hack.
If sentiment improves, these leveraged bets could accelerate gains in the coming trading sessions, setting the stage for a potential relief rally.
Bitget (BGB) Traders Mount $3.4M Leverage, Anticipating Profits from Bybit Losses
While all top 20 ranked cryptocurrencies are trending in red, Bitget’s native token, BGB, has defied market pressure, rallying 8% in the last 24 hours amid the broader crypto downturn. This surge comes as derivatives traders aggressively accumulate leveraged long positions, betting on BGB’s outperformance in the wake of the Bybit hack.
The latest liquidation heatmap data reveals that speculative traders have played a pivotal role in BGB’s ascent. Bullish traders have mounted $3.4 million in long leverage positions, exceeding the $2.5 million in short positions by 36%. This clear bullish dominance emphasizes traders’ confidence in BGB’s ability to capitalize on shifting exchange dynamics.
Historically, exchange hacks have triggered asset migrations as disillusioned users seek safer alternatives. Given Bybit’s recent breach, a significant portion of its clientele may choose to withdraw funds and seek refuge on competing platforms. Bitget, a similarly sized exchange with global reach and regulatory compliance, stands poised to absorb this outflow. As new users flock to Bitget, demand for BGB could rise, given its utility in trading fee discounts and staking benefits.
This potential influx of users explains why bullish traders have committed substantial leveraged capital to BGB, anticipating that an increase in Bitget’s market share could directly translate into heightened demand for its native token.
At press time, the Bitget token price has stabilized above the $4.90 mark. If this scenario materializes, BGB price could attract further speculative interest, potentially propelling a breakout above the $5 territory.
Toncoin (TON) and Monero (XMR) Bulls Maintain Dominance Over Short Traders
Beyond Bitget’s native token, the Bybit hack has also fueled bullish sentiment in privacy-focused and decentralized blockchain projects. Historically, major centralized exchange breaches have sparked increased interest in privacy-resistant assets, as traders hedge against security vulnerabilities.
Coinglass data reveals a surge in leveraged long positions for Toncoin (TON) and Monero (XMR) within
24 hours of the Bybit exploit. Traders appear to be positioning for sustained demand growth, as confidence in centralized platforms wavers.
Toncoin price tumbled as low as $3.5 after the hack. However, within 24 hours, bull traders have taken control of derivatives markets, accumulating $3.4 million in active long positions, outpacing the $2.5 million in short interest by 36%. This strong bullish positioning suggests that traders anticipate TON’s continued adoption, particularly among retail investors leveraging Telegram’s ecosystem.
Monero (XMR), long regarded as a safe haven for privacy-conscious users, has seen a similar dynamic play out. Long positions on XMR have reached $1.02 million, surpassing short interest of $945,000 by 8%. This sustained long dominance signals that traders expect Monero’s utility to grow as security concerns drive demand for privacy-preserving transactions.
The Bybit hack has once again exposed the vulnerabilities of centralized exchanges, leading traders to recalibrate risk strategies. While security concerns mount, privacy coins and Bybit’s rival exchanges appear well-positioned to benefit from the flight-to-safety narrative, as evidenced by traders placing rebound bets on BGB, TON, and XMR in the aftermath of the hack.
Frequently Asked Questions (FAQs)
1. Why is BGB gaining traction after the Bybit hack?
2. Why are traders betting on Toncoin (TON) and Monero (XMR)?
3. What impact did the Bybit hack have on the broader crypto market?
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