According to Ki Young Ju, Ethereum demonstrates resilience with no significant sell pressure following the Bybit hack. On-chain and market data remain neutral, indicating that exchange selling processes are gradual, while OTC offloads have minimal price impact. Furthermore, Ethereum's dominance is highlighted by holding 56% of the stablecoin market cap.

According to Miles Deutscher, the total stablecoin market cap is hitting new highs despite the downturn in cryptocurrency prices this year. Stablecoins represent a significant reserve of capital that could re-enter the broader crypto markets if a suitable catalyst emerges. This suggests that traders should monitor potential market triggers closely as stablecoins provide liquidity that could lead to significant price movements. (Source: Miles Deutscher via Twitter)