Leading cryptocurrency exchange Bybit experienced an attack in which approximately $1.5 billion worth of Ethereum was stolen. While the ETH price fell slightly in response to this attack, the purchases made afterwards were considered positive for the ETH price. At this point, crypto analysis platform Matrixport stated that there was hidden buying pressure after the Bybit hack, and that this situation could trigger an upward reversal in the ETH price. Stating that the market is focused on how the hacker hacked Bybit, Matrixport analysts said that the main focus is how this hack will affect ETH. Stating that historically stolen funds were not sold immediately, Matrixport wrote that there would be very little selling pressure on Ethereum caused by the hack. Stating that there is a supply-demand imbalance in Ethereum, Matrixport argued that this situation could increase ETH. “While everyone is focused on explaining how Bybit’s nearly 500,000 Ethereum were hacked, the real focus lies in understanding the market impact. While Bybit will have to buy back these ETH to refill their wallets, the hacker must carefully plan their next move. Historically, stolen funds often remain intact, meaning there can be little immediate selling pressure. Meanwhile, there is currently a demand for 500,000 ETH and only about 100,000 ETH has reportedly been purchased so far. This supply-demand imbalance could contribute to upward pressure on ETH. We remain constructive at these levels as prices attempt to find a bottom.” Ethereum (ETH) Gap Closed! Bybit CEO Ben Zhou announced in a post from his X account that the exchange has completely replenished the Ethereum lost in the last attack. “Bybit has completely closed the ETH gap. A new audited proof of reserve report will be released very soon, showing that Bybit has returned to 100% 1:1 on customer assets. Stay tuned!” *This is not investment advice.