Bybit, a leading crypto exchange, has recently made a massive acquisition of $ETH. According to Lookonchain, Bybit has purchased 34,743 $ETH, raising its cumulative $ETH acquisition to more than 106,000 $ETH over the past 24 hours. This is likely an effort to continue smooth withdrawals after losing $1.4 billion worth of ETH to a crypto hack. The on-chain analytics platform took to social media to share insights into Bybit’s aggressive $ETH buyouts.
Update: #Bybit bought another 34,743 $ETH ($97.7M) via #OTC ~40 mins ago. #Bybit appears to have bought a total of 106,498 $ETH ($295M) via #OTC in the past 24 hours. https://t.co/s6a5TCfvwP pic.twitter.com/JjoaPJ6Xl0 — Lookonchain (@lookonchain) February 23, 2025
Bybit Purchases Another $97.7M in $ETH, Raising 24-Hour Buyouts to 106,498 $ETH
Lookonchain’s data discloses Bybit’s recent buyout of up to 34,743 $ETH. This amount reportedly equals a significant $97.7M. The crypto exchange reportedly acquired these assets via over-the-counter (OTC) transfers. This acquisition is the latest among the recent purchases by Bybit over the past 24 hours. Overall, the crypto exchange has effectively bought nearly 106,498 $ETH during this time. This figure denotes a staggering value of $295M. Such large-scale acquisitions point toward a robust institutional interest in Ethereum, underlining a bullish momentum.
Over the recent days, Bybit has been engaged in a wide-level $ETH accumulation. A few hours ago, Bybit reportedly purchased almost 71,755 $ETH, representing $197M, through OTC transactions. Moreover, prior to that, the crypto exchange had utilized 100M $USDT to purchase 36,893 $ETH. Bybit reportedly acquired these assets from FalconX and Galaxy Digital via OTC at an average price of $2,711.
Aggressive $ETH Buyouts Underscore Potential for Huge Price Movements
According to Lookonchain, this aggressive $ETH buying spree by Bybit raises speculation about the future movements of the crypto exchange. Normally, such broad-scale OTC buyouts display preparation for impending trading operations, heightened user demand, and likely staking strategies. Additionally, such large purchases often pave the way for noteworthy price movements to come. As Bybit’s $ETH accumulation strategy unfolds, market observers are closely watching for its next moves to anticipate further market movements.