PANews reported on February 8th that, according to on-chain analyst Ai Yi, ETH's 24-hour contract trading volume on Bybit ranked first, reaching $21.58 billion, a year-on-year increase of 354.01%. Market speculation suggests that the abnormal price fluctuations in the early morning were due to issues with Bybit's market makers.

Previous reports indicated that BTC and ETH experienced unusual price fluctuations within a few minutes starting at 00:05, with abnormally high trading volumes on multiple exchanges. Market speculation suggests this may be related to errors in the grid trading strategies of some market makers.