Bitrue hacker and exchange outflows On the 10th o

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.

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In conjunction with this, over 140,000 ETH worth nearly $393 million was withdrawn from centralized exchanges on a single day, becoming the largest such outflow in more than a month.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.

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.