ETH prices fell 5% on February 24, and encryption exchange by encryption acquired ETH worth $ 740 million in the open market. Some merchants predicted a rebound after the hacking on February 21, and purchases to cover BYBIT’s losses were expected to increase. But this scenario is not concrete.
source: Lookonchain
Ben Zhou, a BYBIT CEO, said that this transaction was intentionally covered to look intentionally and legally, but it included malicious source code that modified the logic of smart contracts in Siphon. Historically, this wallet is closely tracked and blacklisted by most centralized platforms, so North Korea’s national group, a national group of North Korea, who is not in a hurry to clear up the stolen assets does not rush to clear the stolen assets.
Regardless of the hacker’s intention to the stolen ETH, analysts pointed out that a significant purchase pressure is inevitable because the desk or exchange that can be purchased without prescription can absorb such amounts. Theoretically, the 2% depth of ETH on the top 10 exchanges has a total of $ 55 million, with a $ 700 million market.
source: Piacinism
Vance Spencer, co -founder of Crypto Venture Capital Compor Framework Ventures, pointed out that more than 400,000 ETHs should be purchased in the public market because the bridge loans provided to BYBIT are temporary. This feelings were reversed by Lewi, the contributor of the perennial laboratory, and predicted short pressure to lead the price of Ether higher.
According to the data, the ETH trader suggests that the leverage has been closed.
The price of ether rose 6.7% between February 21st and February 23, resuming $ 2,850 resistance. But with ETH falling to $ 2,650, the overall $ 190 profits were erased on February 24. In particular, the decline coincided with the report that BYBIT recovered more than 50% of the already stolen ether and confirmed that the exchange was completely closed.
The reason for the less performance of ether is that the traders who expected BYBIT to actively purchase ETH in the public market became clear that these families were wrong. Most transactions have occurred through the OTC desk, which seems to have provided enough liquidity to absorb demand.
The public interest in Ether Futures fell from 8,82 million ETH to 852 million ETH on February 24. This data suggests that the trader has closed the leverage position, even though the trader had a relatively small amount of $ 34 million. The price of 6.7%is consistent with expectations because it requires 15x leverage to fully clean the margin deposits.
relevant: In the photo: BYBIT’s record of $ 1.4B hacking
BYBIT HACK emphasizes the risk of Ethereum multisig settings.
The BYBIT HACK itself has made significant changes in investor feelings for Ether Leeum ecosystem, emphasizing the risks associated with complex multi -sets using Etherrium virtual machines (EVM). This incident emphasizes the lack of unnecessary complexity and powerful defense mechanisms compared to the simple hardware wallet, and even the institutions that manage thousands of dollars remain vulnerable to such failures.
Another concern for the ether holder is a natural staying yield, which is 2.4% adjusted as ETH supply growth reaches 0.6% inflation. For comparison, Solana’s SOL (SOL) adjusted natural staying yield is 4%. Previously, the analysts were optimistic about including the potential included in the US SPOT ETETH Exchange Trade Fund (ETF), which is being reviewed by the US Securities and Exchange Commission.
Ultimately, the price drop of ether comes from the expectation of not only BYBIT hacking, but also over excessive optimism among leverage traders and the potential integration of Staying of the American spot ETF.
This article is for general information purposes and should not be considered legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.