DeFi raises $300M for Kelp’s rsETH holders after exploit, no ETH price impact

DeFi projects have scrambled to raise over $300M to compensate Kelp’s rsETH holders after the April 18 exploit. Ethereum reaching $2,400 on April 29 sits at 2% YES, with no real price movement despite the bailout news.

The Ethereum price market for April 29 holds steady at 2% YES, meaning traders aren’t expecting a price rally today. Volume was $372 in actual USDC traded, with $124 needed to move prices by 5 points. The largest single move was a 28-point drop early in the morning, showing how sensitive the market is to small orders. Check the market here.

A $300M bailout signals that DeFi participants are willing to absorb exploit losses, but it hasn’t triggered any buying pressure on ETH itself. The flat odds likely reflect skepticism that a one-time recovery fund translates into upward price movement. Traders appear to be waiting for sustained positive developments, not stopgap measures.

At 2% YES, buying into Ethereum reaching $2,400 today would pay $1 for every 2¢ spent, a 50x return if it happens. That’s a long shot, and traders clearly need more than bailout news to bet on a price surge. The market’s indifference suggests recovery efforts alone won’t move Ethereum’s price.

Watch for any shifts in Ethereum spot price or new on-chain activity related to the rsETH recovery. Those would be more direct signals for whether this bailout changes anything for ETH pricing.

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