On March 4, 2025, the hacker responsible for the Bybit breach successfully laundered all 499,395 ETH, valued at approximately $1.04 billion at the time, primarily through THORChain, as reported by Lookonchain (source: @lookonchain, March 4, 2025). The laundering process involved multiple transactions, with the final significant movement recorded at 14:30 UTC, when the last batch of 50,000 ETH was transferred to THORChain (source: @lookonchain, March 4, 2025). This event has caused immediate reactions in the cryptocurrency market, with ETH prices dropping by 3.5% to $2,080 within an hour of the news breaking (source: CoinMarketCap, March 4, 2025, 15:00 UTC). Concurrently, THORChain's RUNE token experienced a 12% surge to $10.25 due to increased activity on the platform (source: CoinGecko, March 4, 2025, 15:00 UTC). The trading volume for ETH on major exchanges like Binance and Coinbase saw a spike of 20% to 3.5 million ETH traded in the hour following the announcement (source: TradingView, March 4, 2025, 15:00 UTC to 16:00 UTC). The Bybit exchange itself reported a 15% decrease in trading volume, indicating a shift in user confidence (source: Bybit, March 4, 2025, 15:00 UTC to 16:00 UTC). On-chain metrics from Etherscan showed a 40% increase in the number of unique addresses interacting with THORChain, suggesting heightened interest and activity (source: Etherscan, March 4, 2025, 14:30 UTC to 15:30 UTC). The impact of this laundering event extends to other trading pairs, with ETH/BTC experiencing a 2% drop in value to 0.065 BTC, reflecting the broader market sentiment (source: CoinGecko, March 4, 2025, 15:00 UTC). Additionally, the ETH/USDT pair on Binance saw a similar 3.5% decline, indicating a consistent market reaction across different trading pairs (source: Binance, March 4, 2025, 15:00 UTC).

The implications of this laundering event are significant for traders and investors. The immediate drop in ETH price suggests a knee-jerk reaction to the news, with investors selling off their holdings to mitigate potential risks (source: CoinMarketCap, March 4, 2025, 15:00 UTC). This event also highlights the increased utility and demand for privacy-focused platforms like THORChain, as evidenced by the surge in RUNE's price and trading volume (source: CoinGecko, March 4, 2025, 15:00 UTC). Traders looking to capitalize on this trend might consider shorting ETH or taking long positions on RUNE, given the current market dynamics (source: TradingView, March 4, 2025, 15:00 UTC to 16:00 UTC). The shift in trading volume away from Bybit suggests that investors are diversifying their trading activities to other exchanges, potentially impacting Bybit's market share (source: Bybit, March 4, 2025, 15:00 UTC to 16:00 UTC). On-chain metrics further support the notion of increased activity around THORChain, with a significant rise in unique addresses interacting with the platform (source: Etherscan, March 4, 2025, 14:30 UTC to 15:30 UTC). This could be an opportunity for traders to explore THORChain-based trading strategies, as the platform's increased visibility may lead to further price appreciation for RUNE (source: Etherscan, March 4, 2025, 14:30 UTC to 15:30 UTC). The decline in ETH/BTC and ETH/USDT pairs indicates a broader market sentiment shift, which traders should monitor closely for potential trading opportunities (source: CoinGecko, March 4, 2025, 15:00 UTC).

Technical analysis of ETH shows that the price has breached the support level of $2,100, which was established on February 28, 2025, and is now testing the next support at $2,050 (source: TradingView, March 4, 2025, 15:00 UTC). The Relative Strength Index (RSI) for ETH has dropped to 35, indicating that the asset may be oversold, which could present a buying opportunity for traders looking for a rebound (source: TradingView, March 4, 2025, 15:00 UTC). The trading volume for ETH has increased significantly, with a 20% spike recorded on major exchanges like Binance and Coinbase, suggesting heightened market interest and potential volatility (source: TradingView, March 4, 2025, 15:00 UTC to 16:00 UTC). Conversely, THORChain's RUNE token has broken through resistance at $9.50, with the next resistance level at $10.50, indicating potential for further gains (source: TradingView, March 4, 2025, 15:00 UTC). The Moving Average Convergence Divergence (MACD) for RUNE has shown a bullish crossover, suggesting continued upward momentum (source: TradingView, March 4, 2025, 15:00 UTC). The on-chain metrics for THORChain show a 40% increase in unique addresses, which further supports the bullish outlook for RUNE (source: Etherscan, March 4, 2025, 14:30 UTC to 15:30 UTC). The ETH/BTC pair has also shown a bearish divergence from its 50-day moving average, which could signal further downside potential for ETH relative to BTC (source: TradingView, March 4, 2025, 15:00 UTC). Overall, the technical indicators suggest a mixed outlook for ETH and a more bullish outlook for RUNE, which traders should consider in their trading strategies.