Ethereum’s February Fiasco: Is It the Worst Month Ever?

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Well, here we are again, folks! Ethereum has decided to take a nosedive, plummeting a staggering 8% today and slipping under the $2,500 mark. It seems the world’s largest altcoin is on track to achieve a rather dubious honor: the worst February performance in its history. With a 23% drop already this month, it’s like watching a slow-motion train wreck—except the train is made of digital currency and the wreck is happening in real-time. And just when you thought it couldn’t get worse, the recent Bybit exchange hack has thrown a wet blanket over any remaining enthusiasm for ETH. But fear not! Market analysts are still clinging to hope like a cat to a tree branch. 🐱🌳

Ethereum Price to End February on The Worst Note?

According to the crystal ball—err, I mean on-chain data from SpotOnChain—Ethereum could be on the verge of recording its worst February performance if it dips below $2,400. Historically, February has been a month of bullish optimism for ETH, with only one recorded decline back in 2018. But alas, this year’s 23% drop is threatening to shatter that trend like a glass vase in a toddler’s playroom. 😬

 

Meanwhile, the cryptocurrency market is grappling with macroeconomic uncertainty, including new tariffs introduced by the Trump administration. Because, of course, what’s a little crypto chaos without some political drama thrown in for good measure?

As of this very moment, ETH is trading 8.44% down at $2,491, with daily trading volumes jumping 30% to over $30 billion. According to crypto analyst Ali Martinez, the much-anticipated altseason could be derailed if Ethereum fails to maintain support at $2,600. The image below illustrates this crucial support level, which is as vital as a life jacket on a sinking ship.

Market Analysts Continue to Remain Optimistic

Despite the steep fall in ETH price, on-chain data shows that investor interest hasn’t completely evaporated. In fact, Ethereum whales are showing signs of strong accumulation, which is a bit like watching a group of sharks circle a wounded fish. 🦈

According to data from CryptoQuant, addresses holding between 10,000 and 100,000 ETH have increased their balances by 24% over the past year. The cost basis for these accumulating addresses is $2,199, while Ethereum’s current price stands at $2,505. It seems the big fish are gobbling up the little ones, as inflows from smaller wallets holding less than 1,000 ETH suggest a redistribution of supply within the ecosystem.

Additionally, Crypto Quant CEO Ki Young Ju has noted that the recent Bybit hack hasn’t led to significant sell pressure on Ethereum price. Ethereum continues to dominate the stablecoin market, holding a whopping 56% of its total market capitalization. With the Trump administration easing crypto regulations, Ki predicts that more firms will adopt ETH-based stablecoins and smart contracts in 2025. Because who doesn’t want to ride the crypto wave into the sunset? 🌅

Moreover, Ethereum’s spot ETF has already been approved, providing a regulatory tailwind for the asset. Ki speculates that this could spark a “Large Cap ETF altseason,” potentially driving significant gains for ETH in the coming year. And with the Ethereum Pectra upgrade going live on the Holesky testnet, things might just improve—if we’re lucky!

Bybit Repays $100 Million ETH Loans

In the wake of its hack over the past weekend, crypto exchange Bybit is making swift moves to stabilize operations, acquiring 100% Ethereum within 48 hours of launch. They’ve also repaid a 40,000 ETH loan, valued at $100 million, to fellow exchange Bitget, as per on-chain data by Arkham Intelligence. This repayment, completed in just three days, underscores Bybit’s prompt handling of financial obligations following recent market events. Talk about a quick turnaround! ⏰

On the flip side, Bybit hackers have laundered a total of 89,500 ETH, valued at approximately $224 million, in

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2025-02-25 09:51