Bybit Secures 120,000 ETH Loan from Multiple Institutions Amid Surge in DeFi Activity

On February 22, COINOTAG reported significant loan support for Bybit, as revealed by EmberCN’s monitoring. A cumulative total of **120,000 ETH**, valued at approximately **$320.97 million**, has been loaned by **five institutions and individuals**. Key contributors include **Bitget**, which has provided **40,000 ETH** worth **$105.96 million**, and a notable **institution or whale** withdrawing from **Binance** with **11,800 ETH**, translating to **$31.02 million**. The **MEXC exchange** has also played a role, lending **12,652 stETH**, estimated at **$33.75 million**. Further, another withdrawal of **36,000 ETH** (around **$96.54 million**) is attributed to either **Binance** or an associated entity. Additionally, an address identified as **0x327…45b** has contributed **20,000 ETH**, equivalent to **$53.7 million**. This financial maneuver underscores the ongoing strategic shifts within the cryptocurrency market.