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After the $1.7 billion Ethereum (ETH) heist from the Bybit cryptocurrency exchange, the overall cryptocurrency market experienced a significant price drop. However, it now appears that Bybit is once again accumulating ETH to continue its operations.
Bybit Buy Back Ethereum Worth $87.50 Million
Today, February 25, 2025, the blockchain-based transaction tracker Eyeonchain posted on X (formerly Twitter) that Bybit purchased a significant 36,893 ETH worth $87.50 million through an over-the-counter (OTC) trade.
As of now, the asset is trading below the 200-day Exponential Moving Average (EMA) on the daily timeframe, indicating that it is in a downtrend.
Traders Bearish Bet
With the bearish price action, traders seem to be betting on the short side, believing that the price won’t rally soon, as reported by the on-chain analytics firm Coinglass.
Data from the ETH exchange liquidation map reveals that traders are over-leveraged at $2,355 on the lower side and $2,458 on the upper side. In the past 24 hours, they have built $247 million worth of long positions and $296 million worth of short positions at these over-leveraged levels.
These levels and positions hint at the current market sentiment, which appears to favor the short side in the short-term timeframe.
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