Mystery Millionaire Dumps $10M on Bybit, Buys 3,655 ETH

An unidentified address recently conducted a significant transaction on the Bybit exchange, withdrawing 10 million USDT and subsequently purchasing 3,655.6 ETH at an average price of $2,735 per ETH on-chain. The ETH was then deposited back into the Bybit exchange.

This transaction comes amidst a backdrop of increased activity on the Bybit exchange. In the past few hours, five institutions or individuals have provided Bybit with a loan support of 120,000 ETH, indicating a growing level of trust and confidence in the platform. Additionally, a whale has deposited 20,000 ETH into the Bybit cold wallet, equivalent to approximately $53.7 million, further demonstrating the exchange's attractiveness to large investors.

However, this increased activity on Bybit contrasts with a recent development on the Binance exchange. Metalpha, a prominent player in the crypto market, has deposited over 30,000 ETH to Binance, equivalent to around 80 million US dollars. This move suggests that Metalpha may be favoring Binance for its trading activities, potentially indicating a shift in the competitive landscape among major crypto exchanges.