Daan Crypto Trades
Daan Crypto Trades|Feb 22, 2025 09:14
ETH Only down ~1% in relative terms to BTC after the hack. Seeing yesterday's big stock market sell off, I think it's safe to assume that the market would have sold off regardless of the hack. To see ETH at basically the same level as before a 1B+ hack is pretty interesting. Would not be surprised it there's indeed some entity buying back some of that lost ETH or people frontrunning such a thing. At some point the ETH likely has to get back somehow, whether it's recovered or bought back. Otherwise there would not be a 100% cover of funds. This is temporarily covered by a bridge loan by Binance I think. The question is how they will be paid back eventually (ETH or other assets). Not sure if that's known but unlikely we'll hear about how that deal is structured. Lastly, obviously we'd likely see a bit of a scare if we actually see some of the ETH being sold on DEXes or whatever. But generally speaking, this process takes months or years after these big hacks. Sometimes it doesn't even get touched for years after having shuffled it up into seperate wallets.
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