updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131Despite this major shuffle by FTX exploiter, Ethereum price has gained to $1,750 levels before the launch of Ethereum futures ETFs.
Recent data from Spot On Chain indicates that an address associated with the FTX exploit, specifically identified as 0x3e9, has initiated transfers exceeding 10,000 Ether (ETH), currently valued at approximately $17 million. These transfers happened through five different addresses starting from September 30. Notably, these addresses had been dormant for several months before this recent activity.
Of the 7,749 ETH, which is valued at approximately $13 million, a substantial portion was directed toward the THORChain router and Railgun contract. Additionally, the exploiter conducted a swap involving 2,500 ETH, equivalent to around $4.19 million, converting it into 153.4 tBTC at an average price of $27,281 per token.
During the initial hack on Saturday, September 30, estimated losses amounted to nearly 50,000 ETH. The hack comes just ahead of the anticipated launch of the Ethereum futures ETFs later today October 2.
FTX Exploiter 0x3e9 has transferred out a total of 10,250 $ETH ($17.1M) via 5 addresses over the past 24 hours:
– sent 7,749 $ETH ($13M) to the Thorchain router and Railgun contract
– swapped 2,500 $ETH ($4.19M) to 153.4 $tBTC at $27,281 on avg
Notably, the address has been… https://t.co/xzmDz8Vmma pic.twitter.com/4Ykp0zih6G
— Spot On Chain (@spotonchain) October 1, 2023
Despite this, the Ethereum price didn’t come under any major selling pressure. In fact, the ETH price has surged to $1,750 amid optimism surrounding the arrival of Ethereum futures ETFs.
Should Ethereum encounter difficulty surpassing the $1,750 resistance, a potential downside correction could ensue. The initial support level on the downside is approximately $1,710, followed by crucial support at $1,680.
On the upside, Ethereum faces a significant resistance at $1,800. A decisive breach of this resistance zone might signal the beginning of a more substantial upswing. In such a scenario, the price may target the $1,850 resistance, with the possibility of further upward movement towards $1,920. Continued gains might even pave the way for a move towards the $2,000 mark.
Ether (ETH) futures exchange-traded funds (ETFs) may commence trading in the United States as early as next week, as suggested by Bloomberg analysts.
On September 28, Bloomberg Intelligence analyst James Seyffart indicated that it appears “the SEC is gonna let a bunch of Ethereum futures ETFs go next week potentially.”
His statement was in response to fellow ETF analyst Eric Balchunas, who mentioned hearing that the US Securities and Exchange Commission’s interest lies in “accelerating the launch of Ether futures ETFs.”
Balchunas added that he had heard that various filers were updating their documents by Friday afternoon to potentially begin trading as early as the following Tuesday. As of a September 27 note, there are 15 Ether futures ETFs from nine issuers awaiting approval, according to the analysts.
Several companies have proposed Ether futures or hybrid ETF products, including VanEck, ProShares, Grayscale, Volatility Shares, Bitwise, Direxion, and Roundhill.
The analysts have assigned a 90% probability to the launch of Ether futures ETFs in October, with Valkyrie’s Bitcoin (BTC) futures product set to become the first to include Ether exposure on October 3.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Some 5,000 ETH, worth over $8.2 million, have been moved from a wallet address associated with the FTX hacker. This development marks the first time assets have been transferred out of the hacker’s wallet following the exploit about a year ago.
Marked as one the biggest crypto heists ever, the now-defunct FTX exchange suffered a loss of over $600 million through an hack in November 2022, a few hours after filing for bankruptcy.Â
According to the on-chain analytics platform Spot On Chain, the FTX exploiter has now transferred 5,000 ETH in two transactions, moving 2,500 ETH to two separate wallets with a space of two hours between both transactions.Â
This is the first time the address has been active since the hack 10 months ago. The address still holds 12.5K $ETH
Follow the next actions via our platform at
https://t.co/7LnmryLvhL pic.twitter.com/yl2NnMwaqW
— Spot On Chain (@spotonchain) September 30, 2023
Spot on Chain further revealed that following the first transaction, the hacker moved 700 ETH through the Thorchain Router and 1,200 ETH through the DeFi wallet Railgun, both crypto projects that are lauded for their privacy-focused features.
Aside from the origin of these transferred assets, the movements of the FTX exploiter have drawn much attention due to a key development in the crypto space, with many enthusiasts and analysts now speculating on a possible market sell-off.Â
This week, reports swelled that the US Securities and Exchange Commission (SEC) was looking to clear some Ether futures ETH for launch next week ahead of a possible government shutdown.
These reports picked up more steam in less than a day when the VanEck Investment firm announced plans to soon launch an Ether futures ETH, named the VanEck Ethereum Strategy ETF.Â
However, Valkyrie Investments, who had been tipped to be the forerunner for the SEC’s approval, finally won the race, securing the commission’s green light to launch the first-ever Ether futures ETF in the US.Â
Following the official launch of an Ether futures ETF, there is likely a massive positive effect on ETH price movement. Just in the last two days of similar positive news around this investment fund, the second-largest cryptocurrency already rose by 4%, based on data from CoinMarketCap.Â
Now, the recent token transfers by the FTX hacker are usually associated with an impending sell action. Thus, there is a possibility that this bad actor could be planning to take profit from the potential ETH price surge, which could be generated from the launch of ETH futures ETF.Â
Such selling action is a common practice by crypto whales and is known to induce a bearish trend, which could be dangerous for small traders.Â
At the time of writing, ETH trades at $1,677, with a 5.77% gain in the last day. Meanwhile, the token’s daily trading volume is down by 44.35% and valued at $3.8 billion.Â
ETH trading at $1,675.57 on the hourly chart | Source: ETHUSDT chart on Tradingview.com
Featured image from Money,chart from Tradingview