Following Bybit's $1.7 billion heist, the cryptocurrency market faced a downturn. However, Bybit has begun acquiring Ethereum to restore operations.
Bybit's Ethereum Purchase
On February 25, 2025, Eyeonchain reported that Bybit acquired 36,893 ETH worth $87.50 million through an OTC trade. Over the past three days, the firm has purchased nearly 212,101 ETH worth $574 million in similar transactions.
Ethereum Price Actions
Despite substantial purchases, ETH's price has dropped by 10% in the past 24 hours, trading around $2,423. A 70% surge in trading volume indicates volatility, with potential price declines to $2,200 expected.
Traders' Bearish Sentiment
Traders seem to favor the short side, positioning between $2,355 and $2,458. Over the last 24 hours, $247 million in long positions and $296 million in short positions were built.
The cryptocurrency market remains uncertain, with focus on the long-term downward trend.
