Bybit hack was a classic black swan event. But the price barely changed. I think it's because top cex'es now has crazy income and sudden $1,5B hole in its balance is not the end of its business. The second factor is that huge amount of stolen crypto - nobody can wash out this much, so we just have a big pack of ETH out of trading route. And the main reason is that ETH was stolen, and only ETH... Ethereum is cursed this cycle and almost nobody care of its price, development and "foundation" movements anymore.