alpha un# weekly roundup

Crypto markets experienced heightened volatility this week, with Dubai-based exchange Bybit suffering a $1.4 billion Ethereum loss from its cold wallet due to a phishing attack. Investigations suggest involvement from North Korea’s Lazarus Group. Bybit has since replenished its reserves and reinforced security measures, reigniting concerns over multisig vulnerabilities.

Meanwhile, traders adjusted positions as the Federal Reserve signaled a prolonged higher-rate environment, leading to deleveraging across derivatives markets and increased volatility in major crypto assets. The Fear & Greed Index dropped to 25, reflecting extreme investor caution.

Geopolitical tensions escalated as the U.S. reaffirmed its stance on 100% tariffs against BRICS nations seeking to reduce dollar reliance, adding pressure to global trade dynamics. Hong Kong is advancing regulatory approvals for crypto derivatives to attract institutional investors, while Singapore regulators are tightening compliance measures—requiring crypto firms to implement stricter risk management and consumer protection policies to bolster market confidence.

In India, the Central Bureau of Investigation (CBI) conducted extensive raids across 60 locations in connection with the ₹6,600 crore GainBitcoin scam, further intensifying scrutiny on fraudulent crypto schemes.

Despite macroeconomic uncertainty, institutional activity remains strong. MicroStrategy acquired 20,356 BTC ($1.9B), bringing its total holdings to 499,096 BTC.

In a notable development, Citadel Securities, led by billionaire Ken Griffin, is set to enter the crypto market-making space as institutional interest in digital assets continues to rise. The firm aims to become a liquidity provider on major exchanges such as Coinbase, Binance, and Crypto.com.

DeFi highlights:

DeFi TVL rose 2.8% to $132B despite security concerns. The Bybit hack has prompted protocols to reassess multisig security, with many shifting towards advanced smart contract audits and decentralized key management. Security and regulation will be key themes shaping the market in the coming weeks.

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