On February 23rd, COINOTAG reported a significant transaction in the cryptocurrency space, with Bybit acquiring an additional 34,743 ETH, valued at approximately $97.7 million, through over-the-counter (OTC) trading. This strategic move highlights the growing trends in institutional investments within the blockchain ecosystem. Notably, this latest acquisition brings Bybit’s total ETH purchases over the past 24 hours to an impressive 106,498 ETH, amounting to a cumulative investment of around $295 million.
This surge in OTC activity underscores the increasing demand for Ethereum, especially as market participants seek to navigate volatility while securing digital assets. OTC transactions, which allow for large trades without immediate market exposure, have become a preferred method for institutional players looking to accumulate significant holdings discreetly. As the crypto exchange landscape evolves, Bybit’s recent strategies could indicate broader market trends and investor sentiment regarding Ethereum and the overall cryptocurrency market.