Bybit Buys Back Ethereum (ETH) After $1.4B Heist, Eyes on $3100
After $1.4 billion Ethereum (ETH) robbery bybit According to crypto intelligence company Arkham, on February 21, 2025, the exchange began to purchase ETH. Bybit spent nearly $100 million to buy 54,393 ETH for $2,711, and then deposited it on the exchange, according to a new report from Arkham Intelligence.
But, this is a lot eth It was purchased by Galaxy Digital and Falconx through over-the-counter (OTC) transactions.
Bybit CEO thanks
After purchasing this ETH, Bybit CEO Ben Posted on X (formerly Twitter), they are supported by major crypto companies including Antalpha, Bitget, Pionex, Mexc, Mirana, Sosovalue, Sosovalue, Solana Foundation, Ton Foundation, Ton Foundation, Blockchain Center Dubai, Ghaf Capital, Bitvavo, Bitvavo, Tether, Tether and Galaxy.
ETH’s current price momentum
With this massive purchase, ETH experienced an impressive on-rally. At press time, ETH was trading close to $2,780, reflecting a price increase of more than 2.50% in the past 24 hours. Meanwhile, its trading volume increased by 10% over the same period, indicating an increase in traders and investors’ participation compared to the previous day.
$155 million worth of ETH inflow
Despite the rising price of ETH, long-term holders and investors appear to be abandoning their holdings at the same time, and Bybit has begun to be interested in buying ETH. Coinglass data shows that the exchange witnessed an inflow of $155.5 million worth of ETH, indicating a potential sell-off.
Under such market conditions, this inflow of exchange can create sales pressure and lead to further price declines. However, the market opposed this trend, with ETH at 2.5% of Bitcoin and XRP.
Ethereum (ETH) technical analysis and upcoming levels
According to expert technical analysis, ETH is currently combining between $2,560 and $2,800 in a narrow range and is on the verge of breaking through. According to recent price action, if Eth violates this merger and closes the daily candle above the $2,820 level, it is likely to reach 10% in the near future and therefore could soar 10%.
Despite the bullish outlook, ETH is still trading below the 200 moving average (EMA) in the daily timeframe, indicating it is still on a downtrend.
