- Bybit nears ETH recovery as exchange closing ETH gap post-$1.5B hack.
- Bybit to release Proof of Reserves report showing 1:1 asset backing
- Loans & buys fuel Bybit’s ETH recovery efforts, $1.23B Inflow for ETH to-date
In a swift recovery move after the $1.5 billion hack, Bybit is almost finished closing the ETH gap. CEO Ben Zhou has announced a proof of reserves report to be released soon to confirm the exchange’s return to full asset backing.
Data from blockchain analysis platform Lookonchain shows Bybit has received a significant 446,870 ETH worth around $1.23 billion through loans, whale deposits, and ETH purchases to fill the ETH gap caused by the hack.
Zhou asked the crypto community to “stay tuned” in a post on X (formerly Twitter), adding that the new audited POR report “will be published very soon to show that Bybit is again Back to 100% 1:1 on client assets through merkle tree.”
Hacker Sells ETH, Bybit Buys to Stabilize Price
On-chain reporter “EmberCN” shared additional information, noting that the Bybit hacker has sold a substantial 50,700 ETH ($142 million) in exchange for DAI and other on-chain assets (BTC, etc.).
The culprit still holds 448,600 ETH ($1.26 billion). While this adds to the selling pressure for the second-largest cryptocurrency, Bybit’s buying spree has stabilized the price of ETH.
An address of Bybit or its affiliates (0x2E4…b77) purchased a total of 157,600 ETH ($441 million) through three prominent brokers, Galaxy Digital, FalconX, and Wintermute, in the past two days and then transferred it to Bybit, confirmed EmberCN.
According to CoinMarketCap data, ETH trades above $2,700, looking towards the $3,000 resistance.
Related: Ethereum Price Predictions for 2025: Can ETH Hit $15K?
ETH Price Momentum: Mixed Signals
ETH Price Analysis
Looking at the daily chart provided by TradingView below, the Relative Strength Index (RSI) for ETH reads a value of 44.39, indicating neutral to bearish momentum.
The gradient of the line suggests that sellers are currently dominating the price trajectory of the cryptocurrency.
Meanwhile, the MACD indicator shows that the MACD line (blue) remains above the signal line (orange) but the two are very close, suggesting that the bears are gaining an upper hand over the buyers.
Related: Analysts Applaud Bybit For Maintaining Regular Service Despite Attack
The histogram is green but the intensity of the bars suggest decreasing bullish momentum.
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