After a $1.4 billion Ethereum (ETH) heist on Bybit on February 21, 2025, the exchange began buying ETH, as reported by crypto intelligence firm Arkham. According to a recent report by Arkham Intelligence, Bybit has spent nearly 100 million USDT to buy 54,393 ETH at an average price of $2,711, which was then deposited into the exchange.
However, this substantial amount of ETH was purchased by Galaxy Digital and FalconX through over-the-counter (OTC) trades.
Following this ETH purchase, Bybit CEO Ben posted on X (formerly Twitter) that they had received support from major crypto companies, including Antalpha, Bitget, Pionex, MEXC, Mirana, Sosovalue, Solana Foundation, TON Foundation, Blockchain Center Dubai, Ghaf Capital, Bitvavo, Tether, and Galaxy.
With this substantial purchase, ETH has experienced an impressive upward rally. At press time, ETH is trading near $2,780, reflecting a price surge of over 2.50% in the past 24 hours. Meanwhile, its trading volume has increased by 10% during the same period, indicating heightened participation from traders and investors compared to the previous day.
Despite ETH’s price rising, long-term holders and investors seem to be dumping their holdings at the same time Bybit began showing interest in purchasing ETH. Data from Coinglass reveals that exchanges have witnessed an inflow of $155.50 million worth of ETH, indicating a potential sell-off.
In this market condition, such inflows onto exchanges can create selling pressure and lead to a further price drop. However, the market opposed this trend, and ETH outperformed Bitcoin and XRP with a 2.5% upward momentum.
According to expert technical analysis, ETH is currently consolidating within a narrow range between $2,560 and $2,800 and is on the verge of a breakout. Based on recent price action, if ETH breaches this consolidation and closes a daily candle above the $2,820 level, there is a strong possibility it could soar by 10% to reach $3,100 in the near future.
Despite this bullish outlook, ETH is still trading below the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating it remains in a downtrend.
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