QCP Capital released an analysis article noting that two days have passed since the Bybit hack, with around $1.40 billion in ETH stolen, but cryptocurrency prices and implied volatility have barely responded. The price action highlights the growing maturity of the cryptocurrency landscape since the FTX crash in 2022, especially in the cryptocurrency credit market. From custody and security solutions to corporate governance and transparency, all aspects of cryptocurrencies have strengthened with each crisis in the past. ETH has been performing well due to Bybit's buying last weekend, but now the liquidity gap has narrowed and the risk reversal indicates that there are fears of further declines in March.