Bybit, a leading crypto exchange, has recently made massive $ETH acquisition. As per Lookonchain, Bybit has purchased 34,743 $ETH, raising its cumulative $ETH acquisition to more than 106,000 $ETH over past 24 hours. This is likely an effort to continue smooth withdrawals after losing $1.4 billion worth of ETH to crypto hack. The on-chain analytics platform took to social media to share insights into Bybit’s aggressive $ETH buyouts.
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 big-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 back, Bybit reportedly purchased almost 71,755 $ETH, representing $197M, through OTC transactions. Moreover, before that, the crypto exchange had utilized 100M $USDT, purchasing 36,893 $ETH. Bybit reportedly acquired these assets from FalconX and Galaxy Digital via OTC at the average price of $2,711.
Aggressive $ETH Buyouts Underscore Potential of Huge Price Movements
According to Lookonchain, this aggressive $ETH buying spree of 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 likely noteworthy price movements to come. As Bybit’s $ETH accumulation strategy unfolds, market onlookers are closely looking for its next moves to anticipate further market movements.
