Ethereum faces 420K ETH supply overhang, yet bulls remain hopeful – Why?
Photo: AMBCrypto
The market is now digesting the post-hack developments. The on-chain data looks promising so far. Binance has frozen funds, there are investigations underway, and exchange reserves indicate limited market impact. Meanwhile, high cap assets such as Ethereum have only fallen by just over 3% this week, indicating relatively contained selling pressure. However, what happens next to the $6.3 billion in stolen funds could be the bigger story. One analyst noted that the Binance hacker may have found a clever workaround. Tether had frozen $1.5 billion in USDT, followed by Circle freezing another $800 million in USDC.
Source: AMBCrypto
