Ethereum price drops despite Bybit reportedly buying $700M ETH — Why?
Ether ( ETH) price dropped 5% on Feb. 24, despite reports that crypto exchange Bybit acquired $740 million worth of ETH from the open market. Some traders expected a price rebound after the Feb. 21 hack, anticipating that Bybit’s purchases to cover losses would push prices higher. However, this scenario did not materialize.
Ethereum Price Forecast: Hackers show preference for ETH as Bybit buying pressure fails to fuel demand
Bybit CEO Ben Zhou confirmed in an X post on Monday that the exchange has 100% closed the reserve gap from its hack on Friday, where the North Korean Lazarus Group stole about $1.44 billion worth of ETH. The gap was closed through loans, whale deposits and over-the-counter (OTC) ETH purchases.
While Bitcoin (BTC) edges closer to its Feb. 3 low of $91,300, Ether (ETH) remains considerably above its $2,080 monthly low.
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