Crypto exchange Bybit has significantly increased its purchase of Ethereum, a move generally seen as a positive sign for the market.
Ethereum Shows Bullish Signs
Ethereum has shown bullish tendencies. Over the last day, the digital asset increased by 3.79%, reflecting current market movement. Bybit's recent purchase of ETH, combined with increased buying activity in the derivatives market, indicates that the asset might recover from its weekly loss of 17.84%.
Bybit’s Purchase of ETH
According to data from Lookonchain, Bybit has started buying ETH. In the past 24 hours, the exchange purchased $297 million worth of ETH in two stages. The first purchase was 36,893 ETH at $2,711, amounting to around $100 million. In the second phase, Bybit bought 71,755 ETH worth $197 million. Such large-scale purchases typically signal a bullish move for ETH, reflected in its 3.79% price increase over the past 24 hours.
Rebalancing of the Spot Market
Despite the hack, several key metrics that usually suggest a bearish scenario have surged. However, this might indicate the market is regaining balance post-hack. Since February began, the total amount of ETH available on exchanges has significantly declined from 19.7 million to 18.5 million. A decrease in exchange reserves is typically bullish as demand rises. Over the past 48 hours, there has been a slight increase in available ETH on exchanges, usually indicating a bearish trend. However, given recent massive ETH outflows, it suggests market stabilization.
Despite recent hacks, ETH remains in a bullish phase. Monitoring the derivatives market could provide further clarity on the market's next move.
