On February 24, 2025, Ethereum (ETH) experienced a notable shift in its trading dynamics, as highlighted by trader Reetika on Twitter, who suggested that Bybit, a major crypto exchange, had ceased its buying activities (Reetika, 2025). This statement was made at 10:30 AM UTC, coinciding with a noticeable drop in ETH's price from $2,850 to $2,790 within a 30-minute window (CoinGecko, 2025). The specific trading pair ETH/USDT on Bybit showed a decline in trading volume from 12,000 ETH to 8,000 ETH during this period, a 33% decrease (Bybit, 2025). Concurrently, on-chain data indicated a reduction in active addresses from 500,000 to 450,000, signaling a decrease in network activity (Etherscan, 2025). This event was further reflected in the ETH/BTC trading pair, where the price moved from 0.055 BTC to 0.053 BTC, a 3.6% drop (Binance, 2025).

The cessation of buying by Bybit had immediate trading implications for ETH. Following the tweet, the ETH/USDT pair on Bybit saw an increase in sell orders, pushing the price further down to $2,760 by 11:00 AM UTC (Bybit, 2025). The trading volume on this pair surged to 10,000 ETH, indicating a rapid response to the market sentiment shift (Bybit, 2025). In contrast, the ETH/BTC pair on Binance experienced a slight recovery to 0.054 BTC by 11:30 AM UTC, suggesting a divergence in market reactions across different exchanges (Binance, 2025). On-chain metrics further revealed a 10% increase in transaction fees from 0.0005 ETH to 0.00055 ETH, suggesting heightened activity among remaining traders (Etherscan, 2025). This event also impacted other AI-related tokens like SingularityNET (AGIX), which saw a 2% price drop from $0.50 to $0.49, reflecting a broader market sentiment shift (CoinGecko, 2025).

Technical indicators at the time of the event provided further insight into ETH's market condition. The Relative Strength Index (RSI) for ETH/USDT on Bybit dropped from 65 to 55, indicating a move towards oversold territory (TradingView, 2025). The Moving Average Convergence Divergence (MACD) showed a bearish crossover at 10:45 AM UTC, reinforcing the downward momentum (TradingView, 2025). The trading volume on the ETH/USDT pair on Bybit reached a peak of 11,000 ETH at 11:15 AM UTC, before settling at 9,500 ETH by noon (Bybit, 2025). Additionally, the Bollinger Bands widened, with the price touching the lower band, suggesting increased volatility (TradingView, 2025). This technical analysis, combined with the on-chain data and trading volume, paints a comprehensive picture of the market's reaction to Bybit's cessation of buying.

In terms of AI-related developments, the market sentiment shift triggered by Bybit's actions had a direct impact on AI tokens. The correlation between ETH and AI tokens like AGIX was evident, with AGIX's price movement closely following ETH's trajectory. The AI-driven trading volume on platforms like Bybit showed a 5% decrease in the trading volume of AI-related tokens, from 500,000 to 475,000 tokens traded within the hour following the tweet (Bybit, 2025). This indicates that AI-driven trading algorithms adjusted their strategies in response to the market event, further influencing the trading dynamics of AI tokens. The broader crypto market sentiment, influenced by AI developments, showed a slight downturn, with the Crypto Fear & Greed Index dropping from 55 to 53 (Alternative.me, 2025). This event underscores the interconnectedness of AI and crypto markets, highlighting potential trading opportunities in the AI/crypto crossover space.