Ethereum Whales Continue to Hoard Despite Bybit Hack – Buying Pressure to Save ETH
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Over 140,000 ETH have been accumulated by whales in the last 24 hours, indicating strong buying pressure.
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Bybit’s $1.1 billion ETH hack rocked the market, sparking speculation about the impact of selling stolen ETH on price action.
Ethereum [ETH] has experienced a notable shift in market dynamics over the past day as whales added another 140,000 ETH to their holdings. This accumulation trend aligns with a significant hack on Bybit.
A total of over 405,000 ETH worth around $1.1 billion were withdrawn from Bybit and subsequently spread across various wallets. As anticipated, this incident has ignited speculation concerning possible sell-offs and buybacks, leaving Ethereum’s short-term trajectory unclear.
Ethereum whales continue to accumulate
Recent on-chain data reveals that large holders of Ethereum have been consistently increasing their positions lately.
In just the last day alone, wallets holding between 10,000 to 100,000 ETH quickly amassed an additional 140,000 ETH. There has also been considerable movement from wallets containing between 100,000 and up to a million ETH.
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The ongoing upward trend is consistent with a pattern where whales actively buy during dips—suggesting confidence in Ethereum’s long-term potential.
Regarding price action , there is slight recovery for Ether . Currently trading at $2 ,692 .35 after an increase of about
1 .15 % .
The existing moving average (50-day) remains above current levels which may indicate some resistance looming ahead within near term .
Market sentiment following recent events surrounding Bybit’s security breach remains cautious. Investors express worries regarding immediate sell – offs triggered by this event . Historically such incidents generated heightened volatility as affected parties attempt financial recuperation culminating often into sizeable liquidations.
Analysts speculate that stolen Eth will either flood market leading prices downward or institutional buybacks might serve stabilizing role.
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On-chain analytics reveal mixed responses amongst investors; notably remain steady with number indicating retail traders maintained previous stance post-event unfolding recently.
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Source: Glassnode.
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An uptick witnessed among transactions originating from whale wallets indicates larger actors readjusting strategies accordingly .
A weak recovery does seem plausible?
(Overall charts for ether shows lingering consolidation phase observable at point time writing) currently MACD indicator resting below zero implying weak momentum retained thus far
possible crossover could hint towards reversal trends emerging while accumulation/distribution metrics display select group initiating trades dumping coins whilst others still buying consider carefully;
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Source: TradingView #
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