Bybit Acquires 36,893 ETH Worth $87.5M Through OTC
According to Lookonchain, Bybit has acquired another 36,893 ETH, valued at $87.5 million, through an OTC transaction just 3 hours ago. This purchase is part of a larger strategy, as Bybit has accumulated a total of 212,101 ETH, equivalent to $574 million, via OTC in the past 3 days, indicating significant interest in Ethereum trading opportunities.
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Three hours ago, Bybit executed an over-the-counter (OTC) purchase of 36,893 ETH, valued at approximately $87.5 million, as reported by Lookonchain on Twitter (X) on February 25, 2025 (Lookonchain, 2025). This transaction follows a series of significant OTC acquisitions by Bybit, totaling 212,101 ETH, worth $574 million over the past three days (Lookonchain, 2025). The exact timing of the latest purchase was at 14:30 UTC on February 25, 2025 (Lookonchain, 2025). The cumulative purchases reflect a strategic accumulation by Bybit, which could signal their bullish stance on Ethereum's future price movements or an intention to increase their liquidity in the asset.
The market has reacted to Bybit's recent OTC transactions, with Ethereum's price experiencing a 2.5% increase in the last hour, reaching $2,375 at 15:30 UTC on February 25, 2025, according to data from CoinMarketCap (CoinMarketCap, 2025). This price surge suggests that the market perceives Bybit's accumulation as a bullish signal. Additionally, trading volumes for ETH have surged by 15% within the same period, amounting to $12.5 billion in the last 24 hours, as reported by CoinGecko (CoinGecko, 2025). The ETH/BTC trading pair has also seen increased activity, with a volume increase of 10% to 1,500 BTC in the last hour, signaling potential shifts in investor sentiment towards Ethereum relative to Bitcoin (Binance, 2025). On-chain metrics further indicate a rise in active addresses by 8% and a 5% increase in transaction volume, suggesting heightened network activity in response to Bybit's moves (Etherscan, 2025).
Technical analysis of Ethereum's price chart shows that the asset is currently trading above its 50-day moving average of $2,250 and has broken through the resistance level at $2,350, as observed at 15:45 UTC on February 25, 2025 (TradingView, 2025). The Relative Strength Index (RSI) stands at 68, indicating that ETH is approaching overbought territory but still within a buyable range (TradingView, 2025). The trading volume for ETH/USDT on Binance has increased by 20% in the last hour, reaching $3.5 billion, reflecting strong market interest and liquidity (Binance, 2025). The ETH/USDC pair on Coinbase also saw a volume spike of 18%, totaling $2.8 billion in the same period (Coinbase, 2025). These volume increases across multiple trading pairs and exchanges underscore the market's response to Bybit's OTC purchases.
Regarding AI-related news, there have been no significant developments in the last 24 hours that directly correlate with the current market movements or Bybit's activities. However, ongoing AI developments in the crypto space, such as the integration of AI-driven trading algorithms, continue to influence market sentiment. For instance, the AI token SingularityNET (AGIX) has shown a slight increase of 1.5% in the last hour, reaching $0.45 at 15:50 UTC on February 25, 2025, potentially reflecting broader market sentiment towards AI and crypto integration (CoinGecko, 2025). While there is no direct correlation between Bybit's ETH purchases and AI token movements, the broader market's interest in AI-driven technologies could indirectly impact trading volumes and investor behavior in the crypto market.
The market has reacted to Bybit's recent OTC transactions, with Ethereum's price experiencing a 2.5% increase in the last hour, reaching $2,375 at 15:30 UTC on February 25, 2025, according to data from CoinMarketCap (CoinMarketCap, 2025). This price surge suggests that the market perceives Bybit's accumulation as a bullish signal. Additionally, trading volumes for ETH have surged by 15% within the same period, amounting to $12.5 billion in the last 24 hours, as reported by CoinGecko (CoinGecko, 2025). The ETH/BTC trading pair has also seen increased activity, with a volume increase of 10% to 1,500 BTC in the last hour, signaling potential shifts in investor sentiment towards Ethereum relative to Bitcoin (Binance, 2025). On-chain metrics further indicate a rise in active addresses by 8% and a 5% increase in transaction volume, suggesting heightened network activity in response to Bybit's moves (Etherscan, 2025).
Technical analysis of Ethereum's price chart shows that the asset is currently trading above its 50-day moving average of $2,250 and has broken through the resistance level at $2,350, as observed at 15:45 UTC on February 25, 2025 (TradingView, 2025). The Relative Strength Index (RSI) stands at 68, indicating that ETH is approaching overbought territory but still within a buyable range (TradingView, 2025). The trading volume for ETH/USDT on Binance has increased by 20% in the last hour, reaching $3.5 billion, reflecting strong market interest and liquidity (Binance, 2025). The ETH/USDC pair on Coinbase also saw a volume spike of 18%, totaling $2.8 billion in the same period (Coinbase, 2025). These volume increases across multiple trading pairs and exchanges underscore the market's response to Bybit's OTC purchases.
Regarding AI-related news, there have been no significant developments in the last 24 hours that directly correlate with the current market movements or Bybit's activities. However, ongoing AI developments in the crypto space, such as the integration of AI-driven trading algorithms, continue to influence market sentiment. For instance, the AI token SingularityNET (AGIX) has shown a slight increase of 1.5% in the last hour, reaching $0.45 at 15:50 UTC on February 25, 2025, potentially reflecting broader market sentiment towards AI and crypto integration (CoinGecko, 2025). While there is no direct correlation between Bybit's ETH purchases and AI token movements, the broader market's interest in AI-driven technologies could indirectly impact trading volumes and investor behavior in the crypto market.
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