Hacker Spends $46.49M to Buy 21,659 ETH, Now Up $4.14M

The notable detail is not the size of the position but who is reportedly behind it: funds tied to an exploit being rotated into ETH rather than moved through mixers or stablecoins, which suggests the actor is treating the asset as a liquid treasury. That cuts both ways for market perception — it signals continued demand, but it also means a large, single-holder block sits outside any custody or disclosure framework. Whether that balance is later distributed or left dormant is the open question for anyone tracking supply overhang.