Despite this major reshuffle by the FTX exploiter, the price of Ethereum has risen to the $1,750 level ahead of the launch of the Ethereum Futures ETF.
recent data Spot on chain indicates that an address associated with the FTX exploit, specifically identified as 0x3e9, has initiated a transfer of over 10,000 Ether (ETH), it is currently valued at approximately $17 million. These transfers took place through five different addresses, starting on September 30. Notably, these addresses were inactive for several months prior to this recent activity.
Of the 7,749 ETH, valued at approximately $13 million, a large portion was directed to Thorchain routers and Railgun contracts. Additionally, the exploiter swapped 2,500 ETH, equivalent to approximately $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, the estimated loss was approximately 50,000 ETH. This hack comes just ahead of the expected launch of the Ethereum futures ETF today on October 2nd.
🚨 FTX exploiter 0x3e9 has transferred a total of 10,250 $ETH ($17.1 million) via 5 addresses in the last 24 hours:
– 7,749 sent $ETH For Thorchain router and railgun contracts ($13 million).
– 2,500 were exchanged $ETH ($4.19 million) to 153.4 $tBTC at an average of $27,281
In particular, the address given… https://t.co/xzmDz8Vmma pic.twitter.com/4Ykp0zih6G
– Spot on Chain (@spotonchan) 1 October 2023
Despite this, Ethereum price did not come under any major selling pressure. In fact, the price of ETH has risen to $1,750 amid optimism over the arrival of an Ethereum futures ETF.
If Ethereum faces difficulty in overcoming the $1,750 resistance, a potential downside correction could occur. On the downside, the initial support level is around $1,710, followed by important support at $1,680.
On the positive side, Ethereum is facing key resistance at $1,800. A decisive breach of this resistance zone could signal the beginning of a more significant uptrend. In such a scenario, the price may target the $1,850 resistance level, with a further move towards $1,920. Continued gains could also pave the way for a move towards the $2,000 mark.
Ethereum futures ETFs are coming
Ether (ETH) futures exchange-traded funds (ETFs) could begin trading in the United States as early as next week, Bloomberg analysts suggest.
On September 28, Bloomberg Intelligence analyst James Seifert indicated that it appeared “the SEC will potentially let a bunch of Ethereum futures ETFs go ahead next week.”
His statement was in response to fellow ETF analyst Eric Balchunas, who heard that the US Securities and Exchange Commission is interested in “accelerating the launch of an Ether Futures ETF.”
Balchunas said he heard that various filers were updating their filings as of Friday afternoon so that trading could potentially begin as early as next Tuesday. According to analysts, as of a Sept. 27 note, 15 ether futures ETFs from nine issuers are awaiting approval.
Several companies have offered ether futures or hybrid ETF products, including VanEck, ProShares, Grayscale, Volatility Shares, Bitwise, Direxion, and Roundhill.
With analysts giving a 90% chance of an Ether futures ETF launching in October, Valkyrie’s Bitcoin (BTC) futures product will become the first to include Ether exposure on October 3.
Bhushan is a fintech enthusiast and has a good grasp of understanding the financial markets. His interest in economics and finance drew his attention to the newly emerging blockchain technology and cryptocurrency markets. He is in a constant process of learning and keeps himself motivated by sharing his acquired knowledge. In his spare time he reads adventure fantasy novels and occasionally explores his culinary skills.
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