📰 After a hacker stole and laundered $18.3 million, why is the Bitget incident neutral for ETH?
Bitget was hacked, with losses totaling $351.6 million. The attacker has already exchanged most of the stolen funds (about $18.3 million in ETH) on EVM chains. This signals the hacker has completed an initial profit-taking step, but for the overall crypto market, it is a one-off risk event.
Why is this news important?
The key of this incident lies in the "conversion of stolen funds." The hacker chose ETH as the primary asset for realizing gains, suggesting that current market demand for cashing out ETH exceeds that of BTC. This may reflect:
- The ETH cash-out window (before DeFi interest rates fall) is still ongoing
- Liquidity on high-value chains is more active than BTC
- The hacker’s ability to gauge short-term market sentiment (acting while BTC/ETH are both experiencing slight synchronized declines)
Links to recent events:
It coincides with rumors of tighter U.S. regulation. Such developments can heighten the market’s concerns about fund safety. However, ETH’s price did not move, indicating the market has developed immunity to the scenario of "large exchanges being attacked."
Market impact
In the short term, successful cash-outs by the hacker may inject some panic into the ETH market (because it increases circulating ETH supply). But in the long run, the impact is neutral:
- Both BTC and ETH are consolidating within a narrow range (around 84.1K/2.7K), suggesting a balance of power between bulls and bears
- BNB Chain performance (up 772.9K by 1.5%) may actually benefit from increased EVM-related fund flows
- More importantly, the incident did not expose any new security vulnerabilities, so regulators are unlikely to change their overall stance
Historical reference:
The 2016 Mt.Gox incident caused a sharp BTC price drop, but this time the event occurred in a more strictly regulated environment. Meanwhile, ETH showed only a mild reaction, indicating the market has matured.
Trading approach
💡 ETH price is ranging between 2.65–2.7K. In the short term, cash-out pressure may weigh on sentiment, but the fundamentals (such as L2 development and ETH 2.0) remain intact. If it breaks below 2.6K, this neutral view is invalid.
This article is not sponsored by any project; the author does not hold any of the assets mentioned.
$BTC $ETH #BTC #ETH
⚠️ Not investment advice; predictions are for reference only
#Bitgetconfirms$352Msecuritybreach,suspendswithdrawals
Bitget was hacked, with losses totaling $351.6 million. The attacker has already exchanged most of the stolen funds (about $18.3 million in ETH) on EVM chains. This signals the hacker has completed an initial profit-taking step, but for the overall crypto market, it is a one-off risk event.
Why is this news important?
The key of this incident lies in the "conversion of stolen funds." The hacker chose ETH as the primary asset for realizing gains, suggesting that current market demand for cashing out ETH exceeds that of BTC. This may reflect:
- The ETH cash-out window (before DeFi interest rates fall) is still ongoing
- Liquidity on high-value chains is more active than BTC
- The hacker’s ability to gauge short-term market sentiment (acting while BTC/ETH are both experiencing slight synchronized declines)
Links to recent events:
It coincides with rumors of tighter U.S. regulation. Such developments can heighten the market’s concerns about fund safety. However, ETH’s price did not move, indicating the market has developed immunity to the scenario of "large exchanges being attacked."
Market impact
In the short term, successful cash-outs by the hacker may inject some panic into the ETH market (because it increases circulating ETH supply). But in the long run, the impact is neutral:
- Both BTC and ETH are consolidating within a narrow range (around 84.1K/2.7K), suggesting a balance of power between bulls and bears
- BNB Chain performance (up 772.9K by 1.5%) may actually benefit from increased EVM-related fund flows
- More importantly, the incident did not expose any new security vulnerabilities, so regulators are unlikely to change their overall stance
Historical reference:
The 2016 Mt.Gox incident caused a sharp BTC price drop, but this time the event occurred in a more strictly regulated environment. Meanwhile, ETH showed only a mild reaction, indicating the market has matured.
Trading approach
💡 ETH price is ranging between 2.65–2.7K. In the short term, cash-out pressure may weigh on sentiment, but the fundamentals (such as L2 development and ETH 2.0) remain intact. If it breaks below 2.6K, this neutral view is invalid.
This article is not sponsored by any project; the author does not hold any of the assets mentioned.
$BTC $ETH #BTC #ETH
⚠️ Not investment advice; predictions are for reference only
#Bitgetconfirms$352Msecuritybreach,suspendswithdrawals
