Why is Ethereum moving today?

Ethereum is essentially flat, down 0.2% to $2,684 over 24 hours, tracking Bitcoin's 0.4% dip to $84,258. Both remain up sharply on the week — ETH +9.6%, BTC +10.2% — so today reads as consolidation after that run rather than an ETH-specific move.

Sentiment is being weighed down by a run of exchange and protocol breaches. A newly created wallet drained Bitget-labeled hot and cold reserves across multiple chains in under an hour, with estimates ranging from more than $180 million to $350 million, including ETH, stablecoins, tokenized gold and AVAX; the exchange has not commented. Payy halted its Ethereum rollup after a $1.92 million USDC exploit, the proceeds converted into about 683 ETH, and crypto casino Duelbits went offline after a $7 million hot wallet hack, with roughly $6 million now sitting in a single Ethereum address.

On the constructive side, ARK Invest took its $1.3 billion ARK Venture Fund onchain via Securitize on Ethereum, with a $500 minimum for US retail.