Almost a year after the notorious FTX hack that led to the loss of $600 million in tokens, there has been fresh activity in the perpetrator’s wallet, identified as 0x3e957. According to on-chain data from SpotOnChain, the hacker suddenly reactivated their wallet after a prolonged lull, a potentially alarming development for token holders. Presently, the wallet holds around $16.75 million, all in ETH $1,675 tokens.
This resurgence of activity coincides with two significant transactions that saw the hacker move 2,500 ETH twice, each valued at $4 million. However, the very nature of these transfers has raised eyebrows, as large transactions have been historically linked to selling activities, which could trigger downward pressure on prices. If the hacker were to sell their stash, it could push prices lower, a scenario that could negatively ripple through the market and hurt small-time investors.
On the other side of this murky coin, Ethereum is bracing for its ETF debut in the United States, a development that could potentially spur a bullish trend in ETH prices. Multiple firms have queued up to introduce Ethereum-based ETFs on October 2, 2023, a move that, if successful, could significantly influence ETH prices. This impending shift, backed by the expected approval from the U.S. Securities and Exchange Commission, could prompt a significant influx of capital into the Ethereum ecosystem.
While bullish sentiment looms large due to the Ethereum ETF launch, there are still gray clouds. The persistent risk of a U.S government shutdown remains a looming threat to cryptocurrency prices, especially with the potential knock-on effect on the banking sector. Bitcoin $26,961 could find itself in the crosshairs due to its ties to the traditional banking framework.
Despite such anticipated milestones for Ethereum, investors must weigh both the potential blockbuster debut of ETH ETFs and the possible reemergence of the FTX hacker. If the hacker does indeed decide to sell their ETH holdings en masse, small investors could find themselves on the receiving end of a market downturn, nullifying any gains from an ETF launch. For eager crypto investors, it seems it’s going to be a case of watching this space.
Source: Cointelegraph
