"Bybit Hacker Becomes 14th Largest Whale Globally... ETH Price Rebounds on Concerns of Reduced Supply"

Recent analysis suggests that Ethereum (ETH) prices are showing a rebound as large amounts of ETH from the Bybit hack are considered permanently lost.

On the 22nd, cryptocurrency media CoinDesk reported that "the Bybit hacker currently holds 489,000 ETH, which represents 0.4% of the total supply," adding that "ETH prices rose 2% today as the hacked Ethereum is considered permanently lost."

The media outlet noted that the hacker has become the 14th largest whale globally, now holding more Ethereum than Ethereum founder Vitalik Buterin and Fidelity.

Vance Spencer, co-founder of Framework Ventures, stated via X (formerly Twitter), "The hacked amounts are essentially gone. No OTC or exchange would allow movements of this scale." He added, "While Bybit has resolved immediate liquidity issues, they will eventually need to directly purchase Ethereum to fill the deficit (402,000 ETH)."

Ethereum had plunged to $2,616 following the Bybit hack on the 21st but rebounded due to supply shortage concerns. As of 23:11, ETH is trading at $2,731 on Binance's USDT market, down 3.21% from the previous day.

Previously, on the 21st (local time), global cryptocurrency exchange Bybit suffered a major hack, losing approximately 401,347 Ethereum. The damage amounts to about $1.46 billion.