According to Lookonchain, a whale or institution withdrew 11,800 ETH, valued at $31 million, from Binance to Bybit's cold wallet as a loan to assist Bybit in processing customer withdrawals. This substantial movement of funds indicates potential liquidity challenges at Bybit, which traders should monitor closely for any impact on ETH trading volumes and price action.

According to Lookonchain, Bitget transferred 40,000 ETH, valued at $106 million, to Bybit as a loan to facilitate customer withdrawals. This move indicates a strategic attempt by Bybit to maintain liquidity amidst high withdrawal demands. The transaction showcases proactive liquidity management between these platforms, which is critical for maintaining user trust and operational stability in volatile market conditions.