- The Bitrue hacker is now buying ETH at lower prices after selling at $3885 in March 2024.
- Over 140K ETH left exchanges in what was the biggest single-day outflow in over a month.
Ethereum [ETH] continues to see more bullish signs, with capital flows rising over the last two weeks. These events have caused the Bitrue hacker to resurface, with his actions suggesting he could be a savvy trader as well.
Bitrue hacker and exchange outflows
On the 10th of March 2024, the Bitrue hacker exchanged 4,207 ETH at an average rate of $3,885, amounting to 16.34M DAI. Now, the same address used that DAI stash to purchase ETH at less expensive costs of about $2769.
Also, recent data from Lookonchain showed several big swaps like 669K DAI to 241 ETH, 895K DAI to 323 ETH, and so on. The biggest single exchange displayed 1.2M DAI swapped to 433 ETH.
The hacker then routed the ETH through Tornado Cash to mask exits.
Source: Lookonchain
As of press time, the hacker had paid approximately 8.3M DAI to repurchase 2,999 ETH at an average price of $2,769.
These purchases underlined timing and control of capital, especially with the hacker entering after ETH finished its correction.
In conjunction with this, over 140,000 ETH worth nearly $393 million was withdrawn from centralized exchanges on a single day, becoming the largest such outflow in more than a month.
This massive withdrawal from the exchanges signaled accumulation for the long-term gain as capital continued to rotate to ETH.
Source: IntoTheBlock
In case of a demand spike, the liquid ETH in the market will be low. Consequently, this may create scarcity, thus ETH may rally in price.
The above accumulation, coupled with outflow on exchanges, could be an indication of increasing bullish confidence and could also herald the beginning of a tightening supply situation.
Will OI cement ETH’s bullish signs?
Worth noting is that the Open Interest (OI) on ETH also set a new record, indicating increased involvement of traders and a buildup of institutional volume.
This jump was accompanied by a transfer of capital out of BTC, as people started to enjoy taking risks in Ethereum once again.
The tremendous inflows into ETFs and the high calls option trading have added to the fuel, despite ETH struggling to break above the resistance at $2,800 -$2,880.
Source: CryptoQuant
Although OI tends to favor further bullish continuation, price remained stuck at press time as some profit-taking occurred and OI dropped a bit.
The macro picture was on the bullish side, yet the technical conditions were facing headwinds, such as the bearish MACD crossover, which should be cautioned.
The most important level to monitor was the $2,880. Such a zone, with rising OI, should it be cleared by bulls, could confirm the bullish view. Otherwise, ETH may experience short-term consolidation.
