Key Notes
- ETH recorded strong gains, reaching a price of $3,400.
- Spot ETH ETFs hit a new ATH as bullish sentiment dominates institutional investors.
- Infini hacker has started selling ETH tokens for profit amid the price hike.
Ethereum
ETH
$3 361
24h volatility:
9.3%
Market cap:
$405.67 B
Vol. 24h:
$47.57 B
saw another day of notable gains as the crypto market regained its bullish momentum after a two-day correction.
The leading altcoin surpassed the $400 billion market cap mark. ETH rose 9% in the past 24 hours and is trading at $3,430 at the time of writing.
Ethereum is still down by 30% from its 2021 all-time high of $4,891.
The global crypto market cap reached an ATH of $3.83 trillion earlier today, and the daily trading volume surpassed $200 billion, according to CoinMarketCap data. Moreover, the market sentiment is sitting within the “greed” zone.
Institutional interest also acted as a major catalyst in Ethereum’s new local high. Spot ETH exchange-traded funds in the US recorded an ATH net inflow of $726.6 million on July 16, according to Farside Investors data.
BlackRock’s ETHA fund led the chart with an inflow of almost $500 million. These investment products have brought in over $6.5 billion in net inflows so far.
Infini Hacker Started Selling
Ethereum’s rising price triggered a sudden selloff by the Infini hacker.
Infini, a blockchain-focused neobank in Hong Kong, was exploited for 49.5 million USDC on Feb. 24. The hacker then converted USDC
USDC
$1.00
24h volatility:
0.0%
Market cap:
$63.31 B
Vol. 24h:
$9.46 B
to the decentralized stablecoin DAI
DAI
$1.00
24h volatility:
0.1%
Market cap:
$3.65 B
Vol. 24h:
$122.17 M
and ultimately purchased 17,696 ETH
ETH
$3 361
24h volatility:
9.3%
Market cap:
$405.67 B
Vol. 24h:
$47.57 B
at an average price of $2,798.
On-chain data from Arkham shows that the exploiter has started selling ETH tokens.
The attacker’s address has already sold 1,770 ETH for 5.88 million DAI and sent 3,501 ETH to Tornado Cash, a popular crypto mixer platform.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Wahid has been analyzing and reporting on the latest trends in the decentralized ecosystem since 2019. He has over 4,000 articles to his name and his work has been featured on some of the leading outlets including Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Other than reporting, Wahid likes to connect the dots between DeFi and macro on his newsletter, On-chain Monk.
