Following a $1.4 billion Ethereum (ETH) heist on Bybit on February 21, 2025, the exchange took action by purchasing ETH, according to a report by crypto intelligence firm Arkham. Arkham Intelligence’s recent report reveals that Bybit has invested nearly 100 million USDT to acquire 54,393 ETH at an average price of $2,711, which was subsequently deposited into the exchange.
Interestingly, the substantial amount of ETH was actually bought by Galaxy Digital and FalconX through over-the-counter (OTC) trades.
Bybit CEO Expresses Gratitude
Following the ETH purchase, Bybit CEO Ben shared on X (formerly Twitter) that they had received support from major crypto companies such as Antalpha, Bitget, Pionex, MEXC, Mirana, Sosovalue, Solana Foundation, TON Foundation, Blockchain Center Dubai, Ghaf Capital, Bitvavo, Tether, and Galaxy.
ETH Price Momentum
Following the significant purchase, ETH has seen a notable upward trend. Currently, ETH is priced near $2,780, marking a 2.50% increase in the past 24 hours. Moreover, its trading volume has surged by 10%, indicating increased engagement from traders and investors compared to the previous day.
$155 Million Worth of ETH Inflow
Despite the rise in ETH’s price, long-term holders and investors appear to be offloading their holdings concurrently with Bybit’s interest in acquiring ETH. Data from Coinglass shows that exchanges have seen an inflow of $155.50 million worth of ETH, suggesting a possible sell-off.
In this market scenario, such inflows to exchanges can exert selling pressure and potentially drive prices down. However, ETH has defied this trend and outperformed Bitcoin and XRP with a 2.5% upward momentum.
Ethereum (ETH) Technical Analysis and Future Levels
According to expert analysis, ETH is currently consolidating within a narrow range of $2,560 to $2,800 and is approaching a breakout. Based on recent price movements, if ETH breaks out of this consolidation and closes above the $2,820 level, there is a strong chance it could surge by 10% to reach $3,100 soon.
Despite the optimistic outlook, ETH is still trading below the 200 Exponential Moving Average (EMA) on the daily chart, indicating a prevailing downtrend.