Euler Finance Suffers Flash Loan Attack, Loses Millions in Multiple Cryptocurrencies

On March 13, 2023, Euler Finance, an Ethereum-based noncustodial lending protocol, became the victim of a flash loan attack. The attacker managed to steal millions in various cryptocurrencies, including Dai, USD Coin, staked Ether, and wrapped Bitcoin. According to on-chain data, the exploiter carried out multiple transactions and stole nearly $196 million, making it the largest hack of the year.

The breakdown of stolen funds is as follows: $87 million in Dai, $51 million in USDC, $40 million in stETH, and $17 million in WBTC. Euler Finance has not yet made an official statement regarding the attack, and it remains unclear whether the stolen funds will be recovered.

Crypto analytic firm Meta Seluth stated that the attack is related to a deflation attack that occurred one month ago. The attacker used a multichain bridge to transfer the funds from the Binance Smart Chain (BSC) to Ethereum and launched the attack today. ZachXBT, another prominent on-chain sleuth, reiterated the same and said that the movement of funds and the nature of the attack seem quite similar to the black hats that exploited a BSC-based protocol last month.

The attack on Euler Finance highlights the risks associated with flash loans, which are uncollateralized loans that allow traders to borrow large amounts of capital without putting up any assets as collateral. Flash loans have become increasingly popular in the DeFi space and have been used in several high-profile attacks, including the $600 million hack of Poly Network in August 2021.

Flash loan attacks are a growing concern for the DeFi ecosystem, and several projects have taken steps to mitigate the risks associated with these loans. For example, Aave, a popular DeFi lending platform, has implemented a cooldown period for flash loans, requiring borrowers to wait for a period before taking out another loan. Similarly, Compound Finance has implemented a fee on flash loans to deter attackers.

Euler Finance is just the latest DeFi project to fall victim to a flash loan attack, highlighting the need for better security measures in the DeFi ecosystem. As the DeFi space continues to grow, it is essential to implement robust security measures to protect users’ funds and prevent attacks like these from happening in the future.


Tagged : / / / / /

Buying Pressure Builds up on Ethereum Network, Pushing Price Above $1,300 Amid Merge News

Ethereum (ETH) experienced notable momentum that drove the price above $1,300 after news of the much-anticipated merge made the airwaves.


The second-largest cryptocurrency based on market cap was up by 13.35% in the last 24 hours to hit $1,358 during intraday trading, according to CoinMarketCap


The merge is expected to transition the Ethereum network to a proof-of-stake (PoS) consensus mechanism from the current proof-of-work (PoS) framework, which has been elusive for a few years.


Previously, Ethereum researcher Justin Drake revealed that the merge was likely to happen in August because testing was in the final round. 


Nevertheless, during a recent developers’ call, September 19 emerged as the most probable date for the transition. It was stipulated:

“Merge two weeks later (Sept 19th).”

An Ethereum Beacon Chain community health consultant, however, hinted that the merge date was not final and said:

“This merge timeline isn’t final, but it’s extremely exciting to see it coming together. Please regard this as a planning timeline and look out for official announcements.”

Therefore, this news made the ETH market rally powerfully. On-chain insight provider Glassnode explained:

“Ethereum markets have rallied strongly off the back of a large short squeeze in futures markets. Over $98M in short futures positions were liquidated in one hour, pushing ETH prices up by 12.5%.”




The merge is estimated to be the biggest software upgrade in the Ethereum ecosystem because the PoS algorithm will allow the confirmation of blocks in a more energy-efficient way. Therefore, validators are required to stake Ether instead of solving a cryptographic puzzle. 


A DeFi educator under the pseudonym Korpi recently opined that the merge would be a game-changer because it would shift the selling pressure experienced in the Ethereum network. After all,  structural supply will change to structural buying.

Image source: Shutterstock


Tagged : / / / / / /

Bitcoin On-chain Data Suggests Huge Outflow From Miners

Bitcoin on-chain data shows that miners have transferred a huge amount of coins to cryptocurrency exchanges.

On-chain Data Suggests Miners Transferred 11,816 BTC To Exchanges

As pointed out by a CryptoQuant post, 20 July saw a huge outflow from Bitcoin miners. The total outflow from that day is around 12k.

Here is a chart that illustrates the trend in all miners BTC outflow over the last one year:

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Bitcoin Miner Outflow

Bitcoin Miner Outflow

BTC miner outflow seems to have spiked

There are a few interesting features in the chart. This sudden rise of almost 12k BTC observed on Wednesday is the most since May, when the price of the cryptocurrency crashed around 50%.

Related Reading | As Bitcoin Drops Below $30k, Stablecoins Surpass $100 Billion In Total Supply

Get 110 USDT Futures Bonus for FREE!

This spike comes after a period where the miner outflows were relatively low when compared to the preceding months.

As miner outflows only show how much Bitcoin was transferred by miners to exchanges, it’s not possible to tell how much of it was actually sold off.

However, if the indicator’s value goes up, it does showcase that selling pressure has increased among miners, and it could impact the price of the crypto.

Related Reading | TA: Bitcoin Bears Lose Strength, What Could Trigger A Decent Recovery

Another metric for knowing whether miners are selling or not is the Bitcoin all miners to all exchanges flow mean indicator. Here is the chart for it:

Bitcoin Miner Mean Flow

Bitcoin Miner Mean Flow

BTC miner to exchanges flow mean seems to be on the rise

The above graph makes it clear that the value of this indicator has been on the rise for sometime now, and 20 July also saw a spike.

The all miners to all exchanges flow mean showcases how the average transaction from miners to exchanges looks like. For 20 July, this value was just over 80 BTC, less than the 98 BTC spike seen just a few days back.

Though there are two things to consider regarding these miner metrics. The first is that many mining pools don’t believe that data like this is authentic.

The second is that due to China’s crackdowns on Bitcoin mining, the world hashrate took a nosedive. Now, miners have started relocating and restarting their operations in other countries. This would undoubtedly result in a change in these metrics as well.

Bitcoin Price

At the time of writing, BTC’s price floats around $32.5k, down 0.5% in the last 7 days.

Below is a chart showing the trend in the price of Bitcoin over the past 6 months.

Bitcoin Price Chart

Bitcoin Price Chart

BTC seems to be going up after a dip below $30k | Source: BTCUSD on TradingView

After a crash below $30k, Bitcoin has started to climb back up quickly. It remains to be seen if the coin can continue this trend and finally break past $35k, or if it’s going to be stuck in the same range as before again.

Featured image from, charts from CryptoQuant,


Tagged : / / / / / /

Bitcoin Holders Show Signs of Optimism Despite 30% Dip

Key Takeaways

  • Bitcoin dropped to lows of $30,000 on Coinbase, dipping as low as $28,500 on some derivatives exchanges like BitMEX.
  • Many lowe-cap coins crashed around 50% from daily opening due to large-scale liquidations.
  • On-chain analysis suggests that long-term investors are bullish despite the crash.

Share this article

Bitcoin’s 30% plunge yesterday echoed with the beginning of the 2018 bear market. Still, on-chain data indicates that long-term holders have strong hands. 

Maximum Pain in Bitcoin Prices

Bitcoin dipped 30% yesterday as $800 billion in valuation was wiped out across the broader crypto market. According to TradingView, the total market capitalization of cryptocurrencies fell to lows of $1.2 trillion from an all-time high last week. 

In the past, such downtrends have been seen only four times since Bitcoin’s top in 2017, with three of the four occasions leading to a prolonged bear market. 

The first was on Dec. 24 when Bitcoin dropped drastically after touching a top of $19,600 five days earlier. 

The asset dipped two months later then hit lows of $4,000 in Nov. 2018. On both occasions, the move kickstarted a bear trend. 

Many other compelling arguments find relevance with the 2017 top. For instance, Bitcoin’s dominance over the cryptocurrency market is 44%, which is a similar level to when it topped out in late 2017. 

Bitcoin dominance over crypto markets
Source: Trading View

Furthermore, the euphoria caused by the Coinbase direct listing seems co-incidental with CBoE futures debut in December 2017. In retrospect, the surge of so-called “dog tokens” like Shiba Inu was another palpable top sign. Nevertheless, following the “diamond hands” narrative in crypto, on-chain data suggests that old investors are still holding onto Bitcoin. 

On-chain Analysis Highlights Faith in BTC

Before the top in Dec. 2017, the coin days destroyed (CDD) metric saw a significant spike in activity. The CDD metric tracks the time when Bitcoin was last moved in an address multiplied with the value transferred. Older addresses and large BTC transactions cause a spike in CDD. 

While there was a considerable sell-off in Q3 of 2020, the CDD in the last two months has been 50% less than the months before the negative trend in 2017. This suggests that long-term investors have not moved their assets in recent months. 

Source: Glassnode

Moreover, a closer look at the movement in the last two days points to the “buy-the-dip” action by whales. Crypto analytics firm Chainalysis noted that “Bitcoin inflows into exchanges are relatively low compared to past sell-offs.” Inflows are an indicator of fear in the market following a large drop. Low inflows indicate optimism among holders. 

The firm also found that whales—classified as holders with more than 1,000 BTC—added 34,000 Bitcoin to their addresses on Tuesday and Wednesday, having sold 51,000 the previous week. 

Source: Chainalysis

The wipe-out of the futures market, which saw a huge $8.6 billion in liquidations, is a positive sign for more upside in crypto prices. This is because a highly leveraged market is far riskier, and prices tend to deviate from organic growth. Ulrik K. Lykke, Executive Director at crypto hedge fund ARK36 said:

“In terms of Bitcoin’s outlook, things may be looking grim right now, but historically this is just yet another hurdle for Bitcoin to overcome and a small one compared to what it has braved in the past.”

Lykke added the performance is consistent as “in 2017, price dives in the range of 35%+ happened several times before the price topped out.” Bitcoin dropped over 30% from local tops multiple times during the last run-up in 2017. 

The evolution of DeFi on Ethereum in promoting financial use cases like borrowing and trading and the new-found institutional interest has strengthened the market. Nevertheless, prices could be volatile over the coming weeks as less credible projects are weeded out from the market. 

Share this article


Tagged : / / / /

Bitcoin whale watching: This metric that called the 2017 top is now flashing red

After weeks of Bitcoin (BTC) sell-offs, high-net worth individuals, or whales, are finally back to buying.

Their buying activity did not only pick up when the BTC price broke out of the two-months ascending triangle to new all-time highs, but also stayed intact since the price crash on April 18.

Whales have come back to accumulate Bitcoin

Their continuous buying activity comes at a time when addresses holding more than 1,000 Bitcoin reached their 4-month support line.

Bitcoin: Number of Addresses with Balance >= 1k. Source: Glassnode

This is probably not a coincidence as the turnaround takes place at a time when profit-taking in the market is close to its support line too.

Current profit-taking behavior has followed a 7-month trend

The level at which profit-taking takes place can be derived from the adjusted Spent Output Profit Ratio (aSOPR), which measures the ratio between the price sold and the price paid for a coin while disregarding temporary coin movements (movements within less than 1 hour).

In other words, aSOPR measures by how much holders were sitting in profit (in USD) by the time they sold their coins.

Since September 2020, profit-taking has kept finding positive support at higher levels. This suggests that whenever sell-offs happened in the past seven months, sellers were comfortable not selling at a higher profit level each time, compared to the previous sell-offs. However, this trend might eventually come to an end.

Bitcoin: Adjusted SOPR (aSOPR) 10-day moving average. Source: Glassnode

Profit-taking activity suggests the market is at a pivotal moment

When zooming out and looking at profit-taking behavior in all prior bull markets, it becomes apparent that this is not only a one-time or a short-term trend but rather a longer-term pattern in Bitcoin bull markets.

These support lines tend to hold for 3-18 months. The chart below shows that a break of the second support line in each bull market historically confirmed that the bull market top was in.

Bitcoin: Adjusted SOPR (aSOPR) 10-day moving average. Source: Glassnode

Not only is the aSOPR close to breaking the 7-month support, but there is also one major difference in the latest pattern of this metric that could be a cause of concern.

Usually, the short-term tops of the aSOPR come in at higher levels each time as price increases further and rising confidence leads people to hold on to higher profits after each sell-off.

However, in the latest pattern, profits have been realized earlier in every sell-off wave for the last three months (see red arrow), a pattern usually common after a bull market top was already in.

Short-term sellers are in the driver’s seat

The latest pattern could be explained by a slower price increase in recent months and a higher number of short-term holders realizing profits. This assumption is confirmed by looking at HODL Waves, which visualize the time Bitcoins are held on to.

The redder the color, the shorter the holding period. It becomes visible that it is short-term holders who have held Bitcoin for between one week and three months have been primarily selling into the market as of late.

Bitcoin: HODL Waves. Source: Glassnode

When looking at the profit-taking behavior of short-term holders (STH-SOPR) only, one could infer that this cohort of traders might almost be done selling. The latest dip below the value of 1 shows that short-term holders even started realizing losses.

In a bull market run-up, this is usually where a bottom in price could be expected as selling activity tends to decrease significantly.

Bitcoin: Short Term Holder SOPR (24h Moving Average). Source:

However, as bull market tops are not formed by a lack of sellers but rather by a lack of buyers, it is highly important to also look at the trend of the current demand side.

Current on-chain volume activity suggests that the capital inflow trend is still intact. A high number of coins are still changing hands, suggesting that buying activity is still ongoing. The realized price, which expresses this buying activity by valuing all Bitcoins based on when they last moved on a daily basis, gives a good idea of how much capital moved in and out of Bitcoin.

Bitcoin: Realized Price. Source: Glassnode

A steep curve suggests high on-chain transaction volumes. If it is followed by a flat trend, it usually indicates the beginning of the bear market as not enough buyers are coming into the market willing to pay higher prices anymore. As long as this steep curve does not flatten, there should be no concern about a dwindling number of buyers.

Although this evidence suggests that the bull market top is likely not in yet, there is also no clear confirmation that sellers are done selling just yet.

A break of the aSOPR 10-day moving average support line could be confirmed in the next few days. This may signal a trend shift in sellers’ behavior from bullish to bearish. Therefore, a negative short- to mid-term scenario should be considered if this occurs.

Support levels in a bearish case

There are two major price support levels to look out for. The first one is around $51,325, which could be a strong defense zonea support level where whales most recently acquired a high volume of Bitcoin.

The second price support level is the NVT (Network Value to Transactions Ratio) price, which is currently at $47,679 and is a major price support level in Bitcoin bull markets.

If the market price was to fall significantly below the NVT price without a quick recovery within a few days, a detailed analysis of the demand side would be needed to judge if the market’s bullish structure has broken.

Market at a critical level, strong support between $47K–$51K

The supply-side suggests that sellers are currently in the driver’s seat, even selling Bitcoin at a loss in the past few days. However, their selling activity is expected to significantly reduce over the next few days if current behavior stays in line with prior bull market sell-offs.

If that is not the case, the breakdown of the aSOPR 7-month support line is likely and could signal a trend shift from bullish to bearish selling. Further downside should be expected with next major support in the range of $47,000-$51,000.

On the demand side, the capital flow still looks healthy. Enough volume is still willing to pay current prices, while whales ramped up their buying again. Current price action is still above NVT price, which suggests that current price fluctuations are still within the expected bullish territory.

Nevertheless, the demand side should be watched closely for a potential dry-up in on-chain volume over the next few days if price comes close to the NTV price.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Nothing here should be considered investment or trading advice. Past performance is not a guarantee of future results. Every investment and trading move involves risk. The author owns Bitcoin. You should conduct your own research when making a decision and/or consult with a financial advisor.