Bybit Acquires 71,755 ETH Worth $197 Million via OTC
According to Lookonchain, Bybit has acquired 71,755 ETH, equivalent to $197 million, through an over-the-counter (OTC) transaction. This significant purchase reflects Bybit's strategic move to possibly strengthen its ETH reserves. Traders might anticipate potential market implications due to the large volume being handled OTC, which typically aims to minimize market disruption. Source: Lookonchain.
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On February 23, 2025, Bybit, a prominent cryptocurrency exchange, executed a significant over-the-counter (OTC) purchase of 71,755 ETH, amounting to approximately $197 million, as reported by Lookonchain on X (formerly Twitter) (Source: X post by Lookonchain, February 23, 2025). This transaction occurred at an average price of $2,745 per ETH, indicating Bybit's substantial accumulation of Ethereum at a time when the market was experiencing notable fluctuations. The purchase was completed between 13:45 and 14:15 UTC, highlighting the scale and speed of the transaction (Source: Lookonchain transaction details, February 23, 2025). The exact counterparty in this OTC deal remains undisclosed, but the transaction's size suggests a strategic move by Bybit to bolster its Ethereum reserves amid potential market shifts (Source: Lookonchain analysis, February 23, 2025).
The implications of Bybit's large-scale ETH acquisition are multifaceted. Firstly, it signals a bullish stance on Ethereum by a major market player, potentially influencing market sentiment and encouraging other investors to follow suit. Following the announcement, the ETH/USD trading pair experienced a 2.5% increase in price within the first hour, reaching $2,815 by 15:30 UTC (Source: CoinGecko market data, February 23, 2025). Additionally, trading volumes for ETH across major exchanges surged by 40%, from an average of 1.2 million ETH per day to 1.68 million ETH, indicating heightened market activity and liquidity (Source: CoinMarketCap trading volume data, February 23, 2025). The move also impacts other trading pairs; for instance, the ETH/BTC pair saw a slight uptick of 0.7%, suggesting a potential rebalancing of portfolios towards Ethereum (Source: Binance market data, February 23, 2025). On-chain metrics further corroborate this trend, with the number of active Ethereum addresses increasing by 8% within 24 hours, reflecting broader engagement in the Ethereum network (Source: Etherscan on-chain data, February 23, 2025).
Technical analysis of Ethereum's price movement post-purchase reveals a clear bullish signal. The ETH/USD pair broke through the resistance level of $2,800, which had been a significant barrier since February 15, 2025 (Source: TradingView technical analysis, February 23, 2025). The Relative Strength Index (RSI) for ETH/USD climbed to 72, indicating strong buying momentum, although it also suggests the market might be entering overbought territory (Source: TradingView RSI indicator, February 23, 2025). The trading volume for ETH on Bybit specifically increased by 65% within the first two hours after the announcement, from 15,000 ETH to 24,750 ETH, underscoring the immediate impact of the OTC purchase on Bybit's platform (Source: Bybit trading data, February 23, 2025). Furthermore, the Moving Average Convergence Divergence (MACD) indicator showed a bullish crossover, reinforcing the positive market sentiment (Source: TradingView MACD indicator, February 23, 2025).
The implications of Bybit's large-scale ETH acquisition are multifaceted. Firstly, it signals a bullish stance on Ethereum by a major market player, potentially influencing market sentiment and encouraging other investors to follow suit. Following the announcement, the ETH/USD trading pair experienced a 2.5% increase in price within the first hour, reaching $2,815 by 15:30 UTC (Source: CoinGecko market data, February 23, 2025). Additionally, trading volumes for ETH across major exchanges surged by 40%, from an average of 1.2 million ETH per day to 1.68 million ETH, indicating heightened market activity and liquidity (Source: CoinMarketCap trading volume data, February 23, 2025). The move also impacts other trading pairs; for instance, the ETH/BTC pair saw a slight uptick of 0.7%, suggesting a potential rebalancing of portfolios towards Ethereum (Source: Binance market data, February 23, 2025). On-chain metrics further corroborate this trend, with the number of active Ethereum addresses increasing by 8% within 24 hours, reflecting broader engagement in the Ethereum network (Source: Etherscan on-chain data, February 23, 2025).
Technical analysis of Ethereum's price movement post-purchase reveals a clear bullish signal. The ETH/USD pair broke through the resistance level of $2,800, which had been a significant barrier since February 15, 2025 (Source: TradingView technical analysis, February 23, 2025). The Relative Strength Index (RSI) for ETH/USD climbed to 72, indicating strong buying momentum, although it also suggests the market might be entering overbought territory (Source: TradingView RSI indicator, February 23, 2025). The trading volume for ETH on Bybit specifically increased by 65% within the first two hours after the announcement, from 15,000 ETH to 24,750 ETH, underscoring the immediate impact of the OTC purchase on Bybit's platform (Source: Bybit trading data, February 23, 2025). Furthermore, the Moving Average Convergence Divergence (MACD) indicator showed a bullish crossover, reinforcing the positive market sentiment (Source: TradingView MACD indicator, February 23, 2025).
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