Hackers move $1 billion worth of ETH, with $ETH selling pressure hanging overhead
Another major on-chain move today. Onchain Lens reported that the hacker group involved in the alleged $5.8 billion Binance theft is “transferring over $1 billion worth of ETH to new wallets,” possibly preparing to launder it through mixers like Tornado. Mixers are on-chain tools that combine funds from different sources, making them harder to trace.
The market has already reacted: ETH is currently at $2,245.98, down 3.0% over 24 hours, with a low of $2,172.85. The funding rate is +0.0015%, so leverage remains orderly. Open interest is also up 0.99% over the past six hours, suggesting some traders are buying into the dip.
The data points to a short-term bearish outlook for $ETH and a bearish view of the broader market: what’s hanging overhead isn’t the fundamentals, but the possibility that these coins could hit the market at any moment. As long as the hackers are still moving funds around, the threat of selling pressure remains.
The counterpoint: if most of this ETH is recovered or frozen, expectations of selling pressure will vanish, invalidating this view. Next, watch the progress of the mixing and the $2,172.85 low.
Another major on-chain move today. Onchain Lens reported that the hacker group involved in the alleged $5.8 billion Binance theft is “transferring over $1 billion worth of ETH to new wallets,” possibly preparing to launder it through mixers like Tornado. Mixers are on-chain tools that combine funds from different sources, making them harder to trace.
The market has already reacted: ETH is currently at $2,245.98, down 3.0% over 24 hours, with a low of $2,172.85. The funding rate is +0.0015%, so leverage remains orderly. Open interest is also up 0.99% over the past six hours, suggesting some traders are buying into the dip.
The data points to a short-term bearish outlook for $ETH and a bearish view of the broader market: what’s hanging overhead isn’t the fundamentals, but the possibility that these coins could hit the market at any moment. As long as the hackers are still moving funds around, the threat of selling pressure remains.
The counterpoint: if most of this ETH is recovered or frozen, expectations of selling pressure will vanish, invalidating this view. Next, watch the progress of the mixing and the $2,172.85 low.