Bybit's $1.5B ETH Move: Unusual Trading Spree on DEXs

Bybit, a prominent cryptocurrency exchange, recently made headlines with a significant transaction involving $1.5 billion worth of Ether (ETH). On February 21st, COINOTAG News reported that Bybit's multi-signature wallet transferred this substantial amount of ETH to a new blockchain address (0x47666fab8bd0ac7003bce3f5c3585383f09486e2).

Following this initial transfer, the funds were redirected to another address (0xa4b2fd68593b6f34e51cb9edb66e71c1b4ab449e), which has since been actively engaged in selling stETH and mETH for native ETH. This wallet's activity is notable for its use of four different decentralized exchanges (DEXs), indicating complex trading behavior. Given the substantial volume involved, this suggests a high risk of slippage if attempted through standard exchanges. Market participants typically utilize over-the-counter (OTC) channels for such large transactions to mitigate slippage, making this situation quite atypical.