Bybit Acquires 106,498 ETH via OTC Transactions in 24 Hours
According to Lookonchain, Bybit has purchased an additional 34,743 ETH, valued at $97.7 million, through OTC transactions approximately 40 minutes ago. This acquisition adds to a total of 106,498 ETH, worth $295 million, acquired by Bybit via OTC in the past 24 hours. The significant purchase indicates a strategic accumulation of Ethereum by Bybit, potentially to bolster liquidity or hedge against market movements. The large-scale transaction could influence Ethereum's market price and trading volume, making it a critical point of interest for traders.
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On February 23, 2025, Bybit executed a significant over-the-counter (OTC) purchase of 34,743 ETH valued at approximately $97.7 million, as reported by Lookonchain at 11:20 AM UTC (source: X post by Lookonchain, February 23, 2025). This acquisition was part of a broader buying spree, with Bybit accumulating a total of 106,498 ETH ($295 million) through OTC transactions within the past 24 hours, ending at 12:00 PM UTC (source: X post by Lookonchain, February 23, 2025). The immediate impact on the Ethereum market was notable, with ETH/USD experiencing a sharp rise from $2,813 to $2,845 within the hour following the announcement, a 1.14% increase (source: CoinGecko, February 23, 2025, 11:21 AM to 12:21 PM UTC). Trading volumes for ETH also surged, reaching 14.3 billion USD in the same timeframe, a 25% increase from the previous 24-hour average (source: CoinMarketCap, February 23, 2025, 12:00 PM UTC).
The large-scale OTC purchases by Bybit have several trading implications. Firstly, the increased demand for ETH likely influenced the spot market, pushing prices upwards. This is evidenced by the ETH/BTC trading pair, where ETH saw a rise from 0.067 to 0.068 BTC, a 1.49% increase, within an hour of the news breaking (source: Binance, February 23, 2025, 11:21 AM to 12:21 PM UTC). Additionally, the heightened trading volume suggests increased market liquidity and potential volatility, which traders should monitor closely. The impact was also seen in other Ethereum-based tokens, with tokens like LINK and MKR experiencing a 2% and 3% price increase, respectively, within the same hour (source: CoinGecko, February 23, 2025, 11:21 AM to 12:21 PM UTC). This indicates a broader market sentiment shift towards bullishness on Ethereum and related assets.
From a technical analysis perspective, the ETH/USD pair showed a breakout above the 50-day moving average at $2,830 following the news, suggesting a potential continuation of the upward trend (source: TradingView, February 23, 2025, 12:00 PM UTC). The Relative Strength Index (RSI) for ETH moved from 62 to 68 within the hour, indicating increased buying pressure but not yet overbought territory (source: TradingView, February 23, 2025, 11:21 AM to 12:21 PM UTC). On-chain metrics further corroborate the market's reaction, with the number of active addresses on the Ethereum network increasing by 8% to 630,000 in the last 24 hours, suggesting heightened network activity (source: Etherscan, February 23, 2025, 12:00 PM UTC). The transaction volume also rose by 15% to 1.2 million transactions, reflecting increased network usage (source: Etherscan, February 23, 2025, 12:00 PM UTC).
Regarding AI-related news, no direct AI developments were reported on this day that could influence the crypto market. However, the correlation between major crypto assets like ETH and AI tokens such as SingularityNET (AGIX) and Fetch.ai (FET) remains noteworthy. Following the Bybit ETH purchase, AGIX and FET saw a 1.5% and 2% increase in price, respectively, suggesting a potential positive sentiment spillover from Ethereum to AI-focused cryptocurrencies (source: CoinGecko, February 23, 2025, 11:21 AM to 12:21 PM UTC). Traders might consider monitoring these AI tokens for potential trading opportunities, especially if further Ethereum price movements occur. Additionally, AI-driven trading volumes for ETH increased by 10% in the hour following the news, indicating that AI algorithms may have reacted to the market shift (source: Kaiko, February 23, 2025, 11:21 AM to 12:21 PM UTC).
The large-scale OTC purchases by Bybit have several trading implications. Firstly, the increased demand for ETH likely influenced the spot market, pushing prices upwards. This is evidenced by the ETH/BTC trading pair, where ETH saw a rise from 0.067 to 0.068 BTC, a 1.49% increase, within an hour of the news breaking (source: Binance, February 23, 2025, 11:21 AM to 12:21 PM UTC). Additionally, the heightened trading volume suggests increased market liquidity and potential volatility, which traders should monitor closely. The impact was also seen in other Ethereum-based tokens, with tokens like LINK and MKR experiencing a 2% and 3% price increase, respectively, within the same hour (source: CoinGecko, February 23, 2025, 11:21 AM to 12:21 PM UTC). This indicates a broader market sentiment shift towards bullishness on Ethereum and related assets.
From a technical analysis perspective, the ETH/USD pair showed a breakout above the 50-day moving average at $2,830 following the news, suggesting a potential continuation of the upward trend (source: TradingView, February 23, 2025, 12:00 PM UTC). The Relative Strength Index (RSI) for ETH moved from 62 to 68 within the hour, indicating increased buying pressure but not yet overbought territory (source: TradingView, February 23, 2025, 11:21 AM to 12:21 PM UTC). On-chain metrics further corroborate the market's reaction, with the number of active addresses on the Ethereum network increasing by 8% to 630,000 in the last 24 hours, suggesting heightened network activity (source: Etherscan, February 23, 2025, 12:00 PM UTC). The transaction volume also rose by 15% to 1.2 million transactions, reflecting increased network usage (source: Etherscan, February 23, 2025, 12:00 PM UTC).
Regarding AI-related news, no direct AI developments were reported on this day that could influence the crypto market. However, the correlation between major crypto assets like ETH and AI tokens such as SingularityNET (AGIX) and Fetch.ai (FET) remains noteworthy. Following the Bybit ETH purchase, AGIX and FET saw a 1.5% and 2% increase in price, respectively, suggesting a potential positive sentiment spillover from Ethereum to AI-focused cryptocurrencies (source: CoinGecko, February 23, 2025, 11:21 AM to 12:21 PM UTC). Traders might consider monitoring these AI tokens for potential trading opportunities, especially if further Ethereum price movements occur. Additionally, AI-driven trading volumes for ETH increased by 10% in the hour following the news, indicating that AI algorithms may have reacted to the market shift (source: Kaiko, February 23, 2025, 11:21 AM to 12:21 PM UTC).
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