Mirana Ventures, a global investment fund closely linked to Bybit, continues to purchase Ethereum (ETH) during the market's downturn. This occurs through OTC deals aimed at supporting the Bybit exchange.
Mirana Ventures' Acquisition of ETH
Mirana Ventures acquired 21,667 ETH from the FalconX brokerage and soon after moved them to the Bybit exchange. This was possible due to the initial capital received from some of Bybit’s co-founders. Recently, the exchange received another deposit of 36.89 ETH from Mirana while trying to recover its ETH reserves. The purchase came after Bybit had already covered its bridged loan to other exchanges and partners.
Impact on the Ethereum Market
Despite the active acquisition by Mirana Ventures, the impact on the ETH market was mixed. Before the plunge, ETH traded at around $2,137.86 but faced pressure due to attempts by Bybit hackers to launder funds. Approximately 50% of the stolen ETH became inaccessible through swapping and mixing. Additionally, Bybit remains a leader in ETH market liquidations.
Mirana Ventures' Role in the Crypto Industry
Mirana Ventures not only engages in investments but also acts as an intermediary and possibly an advisor for other crypto projects. It supports the Mantle ecosystem and funds startups in the crypto space, including recent investments in Cygnus Finance and Memes Lab.
Mirana Ventures continues to actively support Bybit by purchasing Ethereum amidst market fluctuations. The fund plays a crucial role both in rebuilding the exchange’s reserves and advancing the crypto industry as a whole.
