Coinbase Hacker Stuns Crypto Market With Ethereum Purchase, ETH Price To $2,700?

Key Insights:

• The Coinbase hacker has bought and sold Ethereum, possibly using stolen funds, a move that is still bullish on the asset’s future.
• Ethereum’s ongoing bullish accumulations are raising anticipations of the price hitting the $2,700 mark this cycle.
• Crypto hacks have declined in numbers this year, but the impact remains.

A hacker who stole over $300 million from Coinbase users is back in the crypto market. This time, the hacker bought over 4,000 Ethereum (ETH). The hacker bought the total Ethereum at $2,581 per coin.

Ethereum investors are now wondering whether the ETH price could rally towards $2,700 amid the consistent accumulation from friends and foes.

Coinbase Hacker Buys 4,863 Ethereum

Data analytics provider Lookonchain revealed that a wallet address linked to a hacker who exploited Coinbase users scooped up 4,863 ETH.

At $2,581 per coin, the total Ethereum bought by the hacker amounted to $12.55 million.

This transaction follows the Coinbase hacker’s sale of 26,762 ETH, worth $69.25 million, at $2,588 in May.

Such a move suggests the $300 million Coinbase hacker is bullish on the future price trajectory of Ethereum.

However, some community members speculated that the hacker may be using ETH as a liquid intermediary asset. Their analogy is based on the similarity between the sales and purchase prices.

Others claimed the hacker is breaking funds into smaller batches to reduce suspicion and reinvest a portion of his fraudulent proceeds.

Meanwhile, large investors, often referred to as whales, have also sparked optimistic sentiments for ETH.

OKX Partner Ted noted on X that a whale investor recently moved a large stash of ETH.

Notably, the whale withdrew $4.86 million worth of ETH from Binance. In the past 3 weeks, this whale has withdrawn ETH valued at $17.5 million.

This move indicated that the investor is betting big on the leading market altcoin.

Moving funds off exchanges may also reflect a preference for self-custody. This is possibly due to concerns about regulatory risks or a desire to participate directly in Ethereum’s network governance.

Can ETH Price Hit $2,700 This Cycle?

ETH price has stabilized around $2,500 after breaking below a multi-year support level. The price of ETH rallied as high as $2,599 on Sunday, July 6, 2025.

Today, ETH price has rallied by more than 1.5% in the past 24 hours and traded near $2,548. The one-day volume also increased by 69.8% to $15.15 billion.

ETH is forming higher lows and consolidating above the key diagonal structure, indicating a potential continuation.

Bulls remain in control of momentum, with room to stretch before hitting the $2,700 target.

A sustained climb appears likely for ETH as the structure remains firmly bullish. Renewed institutional interest has also helped to push the bullish Ethereum price narrative.

On July 3, the total inflows into the spot Ethereum Exchange-Traded Fund (ETF) market amounted to $148.5 million.

Data from Farside Investors showed BlackRock’s ETHA came first with total inflows of $85.4 million.

Crypto Hacks Decline in 2025

Meanwhile, the number of crypto hacks has declined substantially since the start of 2025.

According to recent research, 65 crypto-related hacks were recorded as of mid-June. This is in sharp contrast to the 251 hacks experienced in 2021.

Although the quantity of effective hacks has diminished, the harm they have done to the businesses remains absolute.

In May, Coinbase stated that it faces costs ranging from $180 to $400 million related to the breach.

Coinbase disclosed that about 69,461 customer accounts were impacted in a data breach. Attackers obtained names, postal addresses, phone numbers, and emails for these customers.

This information was valuable mainly for social engineering purposes, as it allowed scammers to impersonate Coinbase and trick users into sending cryptocurrency to them.

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