A notorious hacker linked to the $300 million Coinbase breach has resurfaced. After two months of silence, the hacker address has bought 4,863 ETH worth $12.55 million on 7th July. The transaction comes after a major liquidation in May, where the same entity sold 26,762 ETH worth $69.25 million at the price of $2,588 per ETH.
The transaction has happened while the Ethereum (EHT) market sentiment is bullish with market data showing 60% of ETH holders in profit while only 33% on the losing side.
In May 2025, the hacker moved roughly $42.5 million from Bitcoin to Ethereum using Thorchain, then mocked on-chain sleuth ZachXBT via an Ethereum message. The public taunt included slang—“L bozo”—and a meme video of NBA legend James Worthy smoking a cigar. This message aimed to ridicule ZachXBT’s investigation into the Coinbase data breach.
Shortly after the message, the hacker shifted 8,698 ETH (worth $22.6 million) from the same wallet. These transactions sparked wider discussions over renewed activity from the threat actor.
ETH Supply Flow and Whale Signals
Onchain data shows that 76% of total ETH holders have been holding onto their tokens for more than a year. On top of that, 56% of ETH is in the hands of large addresses, which points to whale accumulation. Such a high level of concentration often comes right before market uptrends.
Lately, there’s been a noticeable shift in sentiment. Recent netflows reveal that $380.98 million in ETH has exited exchanges just this past week. This outflow could suggest that users are transferring their funds to cold wallets as a precaution against market volatility.
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