Ethereum hackers lose $13.4M, Bitmine plunges 30% – Is ETH in trouble?

Key takeaways

Why are ETH hackers facing losses?

They panic-sold over 7,800 ETH during a market dip, locking in $3.37 million in realized losses.

Are institutional investors still bullish on Ethereum?

Not quite. ETH treasury firms are struggling, and ETF outflows are rising steadily.

Hackers who dumped thousands of Ethereum [ETH] during last week’s sell-off are now staring at millions in losses, just as institutional confidence begins to waver.

Treasury firms betting on ETH are under strain: Bitmine shares have plunged 30% in two weeks, while ETF outflows continue to climb.

Hackers can’t catch a break

Here’s a rare case of consistently bad timing… in a market known for chaos.

In a move that backfired spectacularly, six hacker-linked wallets panic-sold 7,816 ETH worth $29.1 million at around $3,728 during the market dip, locking in $3.37 million in losses.

Source: X

Recent data from Lookonchain shows that these wallets have collectively lost over $13.4 million from mistimed ETH trades, repeatedly selling low and buying back higher.

Source: X

And it doesn’t stop there.

Treasury trouble deepens

Even Ethereum’s biggest backers are under strain.

Source: X

Bitmine, one of the few treasury firms still accumulating ETH, has seen its stock tumble nearly 30% in two weeks.

Other ETH-heavy firms like SharpLink and Bit Digital are also sliding, while ETF data shows consistent outflows over the past week.

Source: SoSoValue

As analyst TedPillows noted, treasury companies are running low on cash, and ETF redemptions are piling up. This could weigh heavily on ETH unless these players help cause a strong rebound soon.

Interestingly, AMBCrypto previously reported that the tide may be shifting eastward.

Huobi founder Li Lin is reportedly raising $1 billion for a new Asia-led Ethereum treasury firm, reportedly backed by major players such as HashKey, Fenbushi Capital, and Meitu.

The venture, focused on treasury management and Ethereum infrastructure, would be one of the largest independent ETH-focused capital pushes to date.

ETH struggles to find its footing

Ethereum’s price action shows signs of exhaustion, moving near $3,878 at press time after a week of lower highs.

Source: TradingView

The candlestick pattern shows weakening bullish momentum, with the 20-day EMA now serving as resistance near $4,136. Trading volume has declined, and the RSI was subdued at 41, indicating limited buying interest.

Unless Ethereum breaks firmly above $4,000, this move appears to be a temporary pause within a larger downtrend. For now, the market seems to be waiting for a clearer signal before committing to a decisive direction.