Bybit Acquires 71,755 ETH in Major OTC Purchase Amid Significant Wallet Transfer

According to recent reporting from COINOTAG on February 23rd, Bybit has executed a significant acquisition of 71,755 ETH, valued at approximately USD 197 million, through over-the-counter (OTC) transactions, as per data from LookIntoChain. This notable purchase mirrors the escalating interest in Ethereum amid current market conditions. Just prior to this transaction, a substantial 34,862.5 ETH was transferred from an unidentified wallet into Bybit’s holdings. Such movements indicate strong institutional demand and highlight evolving dynamics within the cryptocurrency market. Investors are keenly observing these trends, as they may signal increased confidence in Ethereum’s utility and adoption. The implications of Bybit’s strategy could influence future trading behaviors and market sentiment surrounding Ethereum and the broader digital asset landscape.