Bybit aggressively increases its Ethereum reserves by acquiring significant amounts of ETH through over-the-counter deals.
Bybit's ETH Reserve Recovery
In the past 24 hours, Bybit bought 106,498 ETH worth $295 million through OTC transactions. This occurred 40 minutes after a previous purchase of 34,743 ETH for $97.7 million. Additionally, Bybit used $100 million USDT to buy 36,893 ETH at $2,711 through Galaxy Digital and FalconX via OTC deals. These transactions indicate Bybit's aggressive strategy to rebuild its reserves after recent outflows.
Market Reactions and Price Movements
Ethereum's price fluctuations are evident following Bybit's activities. The February 21 outflow led to a temporary dip in ETH prices, but they soon stabilized and began to rise again. By February 23, the price had reached $2,771.
Significance of Bybit's Moves
Bybit's OTC transactions highlight a strategy to acquire significant ETH volumes without affecting market prices. Such actions boost institutional interest and confidence in Ethereum, potentially marking the start of a bull market.
The stability and growth in Ethereum's prices indicate renewed market confidence due to Bybit's strategic moves.
