Coinbase Hacker Bets Big: ETH Soars Past $3,700 as Whale Goes Long
Crypto's shadow players are placing their chips—and this time, they're all-in on Ethereum.
As ETH breaches $3,700, blockchain sleuths spot a notorious Coinbase exploiter doubling down on bullish positions. The move screams institutional-grade conviction—or just another degen play with stolen funds. Either way, the market's biting.
Timing the top? Not these guys. The hacker's accumulation phase lines up with ETH's 30-day tear, proving even criminals ride momentum better than your average hedge fund. (Take notes, Wall Street.)
With OI swelling and shorts getting liquidated, this could fuel the next leg up. Or set the stage for the mother of all rug pulls. Welcome to crypto—where every rally's backed by someone else's bad decisions.
Ethereum hits $3,700 as whales flood in
Data shared by Lookonchain shows that the same Coinbase hacker wallet has added 4,863 ethereum (approx. worth $12.55 million) on July 7 at the average price of 2,581. However, two months ago, the exploiter sold 26,762 ETH (approx. worth $69.25 million) when it was trading around $2,588.
This isn’t the only big money moving into ETH, as two newly created institutional-grade wallets purchased a combined 58,268 ETH, worth an estimated $212 million. The accumulation was done via FalconX and Galaxy Digital.
The hacker who stole $300M+ from #Coinbase users bought another 649.62 $ETH($2.31M) at $3,561 9 hours ago.https://t.co/u0exg3Oaaohttps://t.co/2bLvhTVVhu pic.twitter.com/wyjCXPbQMe
— Lookonchain (@lookonchain) July 20, 2025
On the other side, a known whale wallet (0xd5ff) closed a long ETH position a few hours ago while locking in a $1.7 million profit. Over the past four days, the same address executed six ETH long trades, all of which remained profitable for him. It holds a total profit haul nearing $3 million.
The largest altcoin is riding the bullish wave very well and has posted gains of more than 125% in the last 90 days. Ethereum is trading at an average price of $3,705 at press time. Its 24-hour trading volume hovers around $30 billion.
The institutional appetite for Ethereum is still accelerating. Ether-linked US ETFs recorded $402.5 million inflow on Friday and outpaced Bitcoin’s $363.45 million. BlackRock’s ETHA fund alone accounted for $394.91 million of that total. Fidelity’s FETH and Grayscale’s ETHE recorded modest outflows. Ether ETF trading volumes hit $2.8 billion, while total assets under management for Ether products surged to a record $18.37 billion.
Inside Coinbase’s $300M ETH heist
The Coinbase hack itself remains one of the most controversial incidents in 2025. As first reported by on-chain investigator ZachXBT, the attacker initially swapped $42.5 million worth of stolen Bitcoin for Ethereum via Thorchain. They later converted nearly 18,000 ETH into over $45 million in DAI stablecoins, further obfuscating the trail.
The breach reportedly stemmed from a social engineering scheme. Hackers bribed external contractors and support employees located outside the United States to gain access to sensitive user data, impacting 97,000 Coinbase accounts.
Login credentials weren’t compromised, but names, addresses, and emails were exposed. Coinbase has pledged to reimburse affected users and estimate damages. However, the company reportedly refused to meet the attacker’s $20 million ransom demand.
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