In a striking display of market opportunism and illicit finance, a hacker responsible for the 2023 theft of $23 million from the Bitrue exchange has begun laundering the funds while simultaneously profiting from Ether's (ETH) volatility. According to on-chain data analysis provided by EmberCN, the individual funneled approximately $30 million worth of ETH into the Tornado Cash mixing service on Thursday. The hacker’s strategy was audacious; after initially selling the stolen crypto in 2023, they repurchased ETH after its price dipped, capturing the subsequent rally. This maneuver resulted in a staggering profit of $9.37 million. The on-chain trail, visible on Etherscan, confirms the complex series of transactions, including deposits to the decentralized derivatives exchange HyperLiquid in April, before the full amount was moved to Tornado Cash for obfuscation. This incident underscores the persistent security challenges within the digital asset space, even as institutional interest grows.

Ethereum Whales Accumulate at Historic Pace Despite Price Dip

While the hacker's actions highlight the dark side of crypto, a powerful counter-narrative is unfolding in the on-chain data. Despite recent price weakness that saw ETH rejected near the $2,700 mark, large-scale investors, or "whales," are accumulating the asset at a rate not seen in years. According to analysis from Glassnode, wallets holding between 1,000 and 10,000 ETH have been on a significant buying spree. For nearly a week, the daily net accumulation by these entities has surpassed 800,000 ETH. This trend culminated in a massive single-day inflow on June 12, when whale wallets added over 871,000 ETH. Glassnode analysts note that this scale of buying has not been observed since the bull market of 2017, suggesting a deep-seated conviction among large holders. This aggressive accumulation during a price pullback indicates that sophisticated market participants view the current levels as a strategic entry point, potentially anticipating positive catalysts like spot ETF developments or other institutional inflows.

ETH Technical Levels and Cross-Pair Analysis

From a technical standpoint, Ether's price action reflects a battle between short-term bearish pressure and long-term accumulation. The ETH/USDT pair is currently trading around $2,582, having recovered slightly from a 24-hour low of $2,505 but still well below its recent high of $2,603. The sharp rejection from the $2,673 level earlier in the week established a formidable resistance zone. The immediate support level for traders to watch is the psychological and technical floor around $2,500. A sustained break below this could trigger further downside. Conversely, reclaiming the $2,600 level would be the first sign of renewed bullish momentum, with the ultimate target being a breakout above the $2,670-$2,700 resistance area. Trading volume on the ETH/USDT pair stood at a modest 140.6K over the past 24 hours, suggesting that while whales are accumulating, broader retail conviction may be waiting for a clearer directional signal.

Further insights can be gleaned from analyzing Ethereum against its primary competitor, Bitcoin. The ETH/BTC pair is trading at approximately 0.02361, showing a slight 1.6% gain. This indicates that in the immediate short term, ETH has shown minor relative strength against BTC, holding its ground during the market-wide dip. For traders, this ratio is critical; a sustained move above 0.024 could signal the start of a new "altcoin season" leg led by Ethereum. Meanwhile, the relationship between Solana and Ethereum, tracked by the SOL/ETH pair, trades at around 0.068. While Solana (SOL) has seen impressive gains, with SOL/USDT at $152.85, its ratio against ETH remains a key indicator of risk appetite in the market. A rising SOL/ETH ratio often points to higher speculative interest, while a falling ratio may suggest a flight to the relative safety of Ethereum within the altcoin ecosystem. Traders are closely monitoring these cross-pairs to position themselves for the market's next major move, weighing the bullish on-chain whale activity against the uncertain short-term technical picture.