Despite this major shuffle by FTX exploiter, Ethereum price has gained to $1,750 levels before the launch of Ethereum futures ETFs.
Recent data from Spot On Chain indicates that an address associated with the FTX exploit, specifically identified as 0x3e9, has initiated transfers exceeding 10,000 Ether (ETH), currently valued at approximately $17 million. These transfers happened through five different addresses starting from September 30. Notably, these addresses had been dormant for several months before this recent activity.
Of the 7,749 ETH, which is valued at approximately $13 million, a substantial portion was directed toward the THORChain router and Railgun contract. Additionally, the exploiter conducted a swap involving 2,500 ETH, equivalent to around $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, estimated losses amounted to nearly 50,000 ETH. The hack comes just ahead of the anticipated launch of the Ethereum futures ETFs later today October 2.
🚨 FTX Exploiter 0x3e9 has transferred out a total of 10,250 $ETH ($17.1M) via 5 addresses over the past 24 hours:
– sent 7,749 $ETH ($13M) to the Thorchain router and Railgun contract
— Spot On Chain (@spotonchain) October 1, 2023
Despite this, the Ethereum price didn’t come under any major selling pressure. In fact, the ETH price has surged to $1,750 amid optimism surrounding the arrival of Ethereum futures ETFs.
Should Ethereum encounter difficulty surpassing the $1,750 resistance, a potential downside correction could ensue. The initial support level on the downside is approximately $1,710, followed by crucial support at $1,680.
On the upside, Ethereum faces a significant resistance at $1,800. A decisive breach of this resistance zone might signal the beginning of a more substantial upswing. In such a scenario, the price may target the $1,850 resistance, with the possibility of further upward movement towards $1,920. Continued gains might even pave the way for a move towards the $2,000 mark.
Ethereum Futures ETFs Coming
Ether (ETH) futures exchange-traded funds (ETFs) may commence trading in the United States as early as next week, as suggested by Bloomberg analysts.
On September 28, Bloomberg Intelligence analyst James Seyffart indicated that it appears “the SEC is gonna let a bunch of Ethereum futures ETFs go next week potentially.”
His statement was in response to fellow ETF analyst Eric Balchunas, who mentioned hearing that the US Securities and Exchange Commission’s interest lies in “accelerating the launch of Ether futures ETFs.”
Balchunas added that he had heard that various filers were updating their documents by Friday afternoon to potentially begin trading as early as the following Tuesday. As of a September 27 note, there are 15 Ether futures ETFs from nine issuers awaiting approval, according to the analysts.
Several companies have proposed Ether futures or hybrid ETF products, including VanEck, ProShares, Grayscale, Volatility Shares, Bitwise, Direxion, and Roundhill.
The analysts have assigned a 90% probability to the launch of Ether futures ETFs in October, with Valkyrie’s Bitcoin (BTC) futures product set to become the first to include Ether exposure on October 3.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.