Hackers’ Wallets Convert $38 Million Into Ethereum – Market Stays Calm

On-chain data has revealed a wave of suspicious activity. Three wallets, suspected to be controlled by hackers, swapped $38 million worth of stablecoins (DAI) into Ethereum (8,637 ETH) within just one hour. Despite these massive moves, Ethereum’s price held steady around $4,400.

Coordinated Multi-Million Swaps According to Lookonchain and Arkham Intelligence, the transactions took place between 6:00 and 7:00 UTC. The wallets used CoW Protocol and Convex Protocol for the swaps, which allow large trades with reduced slippage and lower fees. Instead of converting everything at once, the wallets executed the swaps in batches of up to $12 million, likely to minimize detection and market impact. Address 0x4Ee3 swapped over $11 million in DAI for ETH, then redirected 2,730 ETH to another wallet.Address 0x1c4 carried out several swaps (521k DAI, 4M DAI, 5M DAI) before converting 12.12M DAI into 2,761 ETH.The largest wallet, 0x272c, handled more than $26.6M in transactions, including a $12.12M swap for 2,761 ETH, later transferred to the first address. Altogether, the three wallets accumulated 8,637 ETH worth roughly $38M.

Hackers or Uptober Speculators? Analysts note that splitting large transactions into multiple parts is a classic tactic used to launder illicit funds. However, some observers suggest the wallets’ owners may simply be betting on Uptober – the historically bullish October trend. Ether has already gained 13% from its recent lows.

Ethereum Price Remains Strong Despite the suspicious flows, ETH held its ground. On Friday morning, Ethereum traded at $4,464, close to its local high of $4,529. Institutional demand may explain this resilience: Ethereum ETFs in the U.S. attracted 14,864 ETH inflows this week, worth $65.6M.These inflows likely absorbed selling pressure and discouraged bears. ETH recently bounced from the $3,900 support (Sept. 26), which some traders now label as the 2025 market bottom. Chart patterns suggest ETH could rise 80–100% by year-end.

Technical Outlook Support: $4,200Resistance: $4,600RSI: 43.1 (neutral, no signs of overbought/oversold) According to TradingView, ETH is currently in a neutral-to-bullish zone, leaving plenty of room for further growth.

Bottom line: Despite $38M worth of suspicious swaps by hacker-linked wallets, Ethereum’s price remains stable. Strong ETF inflows and October’s bullish momentum are keeping ETH on track for potential upside.

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