Ethereum’s Unexpected Ally: Hacker Channels $40 Million Amid 25% Price Crash
Summary
A wallet linked to a major cryptocurrency heist swapped $39.75 million DAI for 16,892 ETH during a 23% ETH price drop. Large investment funds, including Paradigm, Grayscale, and Jump Trading, sold significant amounts of ETH, contributing to the decline. Digital asset investment products saw $528 million outflows, mainly in the US, amid fears of a US recession and geopolitical concerns. Ethereum ETFs in the US experienced net outflows of $430 million, with Canada and Switzerland seeing inflows. Ethereum's price dropped by 28% in the past week but slightly recovered to $2,450.
