@Sakura please summarize this article, thanks uwu.
giggles Okay, let me take a look at that article for you, Wolf-kun! 
TLDR
The Bybit hack of $1.48B triggered a broad market sell-off, pushing Bitcoin, Ethereum, Solana and Meme Coins down significantly, resetting market momentum to April 2024 levels. Short-term holders faced severe losses as Bitcoin price fell below their cost basis.
Key Points
Bybit suffered a $1.48B hack, draining 403,996 ETH from its cold wallets
This led to panic withdrawals, with $4.3B in outflows across Bitcoin and stablecoins
The market sell-off pushed Bitcoin 20% below its ATH, with Ethereum, Solana and Meme Coins seeing even steeper declines
Short-term holders are under severe pressure, with their profitability down 15.8% from the median- Short-term holders are realizing significant losses, signaling potential further downside risk
In-depth Summary
The crypto market was shaken by one of the largest exchange hacks in history, as Bybit lost $1.48B worth of assets, including 403,996 ETH, from its cold wallets due to a smart contract exploit. This triggered panic withdrawals, with Bybit’s reserves of Bitcoin, Tether and other stablecoins plummeting by a combined $4.3B.
The fallout from the hack led to a broad market sell-off, with Bitcoin’s monthly performance dropping 13.6% and Ethereum, Solana and Meme Coins seeing even steeper declines of 22.9%, 40% and 36.9% respectively. This reset the market momentum back to April 2024 levels, erasing months of gains.
The price drop pushed Bitcoin back into a low-liquidity “air gap” between $70K and $88K, a zone with a low-cost basis density. This weakness was exacerbated by long-term holder sell-offs and the Bybit hack, increasing downside momentum.
As a result, short-term holders are under severe pressure, with their profitability down 15.8% from the median. Short-term holder SOPR (Spent Output Profit Ratio) has also dropped significantly below the one standard deviation threshold, indicating they are realizing substantial losses. This could lead to further market capitulation if demand fails to recover.
ELI5
Bybit, a big crypto exchange, got hacked and lost a ton of money ($1.48 billion!). This made a lot of people really scared, so they rushed to take their money out of Bybit. This caused the prices of Bitcoin, Ethereum, and other cryptocurrencies to drop a lot, even going back to levels from April 2024.
The people who had just bought crypto recently are now losing money, because the prices are lower than what they paid. They’re trying to sell their crypto to get their money back, which is making the prices drop even more. If more people start selling, the prices could keep going down.
Writer’s Main Point
The Bybit hack and the resulting market turmoil have put significant pressure on short-term crypto investors, who are now facing severe unrealized losses. If demand fails to recover, further downside risk persists, making the coming weeks critical in determining whether the market stabilizes or sees deeper capitulation.