The $350 million heist didn’t manage to drive ETH through the floor—don’t rush to call it a “bear market over.” The real pressure is actually hanging in midair.
On-chain data shows that the vast majority of the stolen assets are still stuck and sitting in the hacker’s addresses, with only a tiny amount used for bridge testing. There was no immediate sell-off—not because the hackers are kind, but because network-wide labeling and tracking have effectively blocked the channels for laundering the funds, making it nearly impossible for the huge loot to move an inch.
But that, ironically, creates the most tormenting psychological sell pressure. The market data is blunt: even though the long-position ratio is higher, the total notional value is still sliding. While the funding flows look bullish, traders’ hands don’t dare to add to positions—who wants to prop up the market while being faced with an unexploded bomb worth hundreds of millions of dollars?
Since converting the stolen funds to cash is hard to pull off and the longs fear the hanging sword, they dare not charge. ETH can only keep grinding through this stalemate.
#ETH
On-chain data shows that the vast majority of the stolen assets are still stuck and sitting in the hacker’s addresses, with only a tiny amount used for bridge testing. There was no immediate sell-off—not because the hackers are kind, but because network-wide labeling and tracking have effectively blocked the channels for laundering the funds, making it nearly impossible for the huge loot to move an inch.
But that, ironically, creates the most tormenting psychological sell pressure. The market data is blunt: even though the long-position ratio is higher, the total notional value is still sliding. While the funding flows look bullish, traders’ hands don’t dare to add to positions—who wants to prop up the market while being faced with an unexploded bomb worth hundreds of millions of dollars?
Since converting the stolen funds to cash is hard to pull off and the longs fear the hanging sword, they dare not charge. ETH can only keep grinding through this stalemate.
#ETH