Ethereum News: Record Volume on THORChain Following Bybit Hack

In the world of cryptocurrencies, decentralized protocols are often seen as a safer alternative to centralized exchanges. However, a recent hack on Bybit has led to a surge in activity on one such protocol, THORChain. Here’s a closer look at what happened and what it means for the future of cryptocurrencies.

THORChain Sees Record $4.6B Volume After Bybit’s $1.4B Hack

THORChain, a decentralized protocol for swapping cryptocurrencies across various blockchains, processed $4.66 billion in swaps in the week ended March 2, the highest tally on record, according to DefiLlama. The surge in activity follows the hack of the crypto exchange Bybit on Feb. 22, where a North Korean entity stole $1.4 billion in ether. Observers believe the entity used THORChain to swap and launder funds, resulting in the record activity.

Ether Bulls Are Buying The Dip, Institutional Inflows Outperform Bitcoin

Ethereum bulls are accumulating assets following the crypto market dip, igniting similar demand in altcoins. The asset has recorded increased daily volumes this week, signaling a possible turnaround. ETH price fell to $2,666 below the $2.7k level as liquidations continued to rise. In the last seven days, institutional investors increased inflows in Ethereum, recording higher volumes than Bitcoin. ETH inflows stood at $793 million, while Bitcoin profits saw $407 million. This shows improved growth in institutional sentiments.

Why Ethereum Price is Down Today? How Low Will ETH Price Crash?

Bitcoin and other major cryptocurrencies fell on Tuesday due to fading Optimism around the proposed US Crypto Strategic Reserve and rising trade tensions. President Trump confirmed tariffs on Canada, Mexico, and China would go into effect shortly. Amidst a broader market downturn, Ether (ETH) hit levels not seen since November 2023, with ETH dropping 15% in the last 24 hours and its market cap declining over 13% to $252.89 billion. After a brief spike above $2,500 following Trump’s crypto reserve announcement, Ethereum collapsed to $2,050, erasing all its weekend gains.

Ethereum Price Falls to $2K, Testing 16-Month Low

Ethereum (ETH), the second-largest cryptocurrency by market cap, has seen significant price fluctuations. As of Tuesday, March 04, 2025, ETH is trading at just under $2073, after hitting a daily low of $2000, testing its 16-month lows from November 2023. This follows a volatile period with a 14% rise on Sunday and a 15% drop on Monday. The recent volatility may be linked to President Trump’s pledge to create a U.S. cryptocurrency reserve.