The crypto market's downturn is linked to the shift in market risk - appetite sentiment. Events like the Bybit hack, where Ether was stolen, have significantly changed investors' perception of crypto market risks. Before the hack, investors might have been more bullish, seeing the market as innovative and full of potential. However, such a security breach has made them realize the vulnerability of the market. This change in perception leads to reduced trust. As a result, investors may withdraw funds or be more cautious, causing trading volumes to decline and prices to fall, thus affecting the overall market trend.