The cryptocurrency exchange Bybit has been actively acquiring Ethereum ($ETH) recently, increasing its assets to over 106,000 $ETH. This large-scale acquisition is being conducted through over-the-counter transactions.
Bybit's Large $ETH Purchases
According to Lookonchain, Bybit has recently acquired 34,743 $ETH, amounting to $97.7 million. Over the past 24 hours, the total acquisition reached nearly 106,498 $ETH, valued approximately at $295 million. Such large purchases indicate significant institutional interest in Ethereum.
Reasons for Active Buyouts
According to Lookonchain, such large-scale OTC purchases may signify preparation for future trading operations and likely increased user demand. Previously, Bybit purchased nearly 71,755 $ETH through OTC for $197 million and utilized 100 million $USDT to buy another 36,893 $ETH via platforms like FalconX and Galaxy Digital.
Market Impact and Outlook
Bybit's aggressive $ETH accumulation strategy draws the attention of market analysts monitoring potential market movements. Such large-scale purchases often lead to significant trend changes, which may influence future market fluctuations.
Bybit's activity in acquiring $ETH points to strategic planning and a positive market outlook for Ethereum. This active stance generates interest in future movements and opportunities in the crypto market.
