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Bybit Sees Positive Ethereum Inflows As Reserves Slowly Recover – Metrics

Bybit Sees Positive Ethereum Inflows As Reserves Slowly Recover – Metrics

Sebastian Villafuerte
by Sebastian Villafuerte
6 months ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Ethereum is trading below the $2,700 mark after days of struggling to reclaim this level and push above $2,800. The market has been dealing with strong selling pressure, and Friday’s shocking news of Bybit’s $1.4 billion ETH hack added more uncertainty. This attack was a major event, marking the largest crypto hack in history, triggering a wave of fear that sent Ethereum into lower demand levels. Investors remain cautious as the market assesses the long-term impact of the breach on sentiment and liquidity.

Related Reading: Bybit Sees 2K Bitcoin Outflow Following ETH Hack – Metrics Reveal Strong BTC Reserves

Despite the initial panic, there are signs of recovery. Key metrics from CryptoQuant reveal that Bybit’s ETH reserves are slowly recovering. The exchange has experienced positive net flows of 139,000 ETH since the hack, suggesting that confidence is gradually returning. This indicates that Bybit has managed to stabilize its platform, alleviating fears of a prolonged crisis.

With Ethereum still trading at critical levels, the market is closely watching whether it can reclaim key resistance zones or face further downside. The next few days will be crucial in determining ETH’s short-term direction as buyers attempt to regain control amid lingering uncertainty from the hack.

Ethereum Price Holding Amid Bybit Hack

Ethereum has been struggling as investors grow tired of the massive selling pressure and ongoing negativity surrounding the second-largest cryptocurrency. Since late December, ETH’s price has been on a downward trajectory, with no clear signs of a sustained recovery. Sentiment remains bearish as Ethereum continues to trade below key resistance levels, failing to gain momentum for a bullish breakout.

Related Reading: Ethereum Taker Buy Sell Ratio Shows Bullish Divergence – Time For A New Trend?

Adding to this uncertainty, the Bybit ETH hack on Friday further rattled the market. The attack resulted in over $1.4 billion in ETH being stolen from the exchange, making it the largest crypto hack in history. This event fueled additional selling pressure as panic briefly spread across the market. However, Bybit’s rapid response helped contain the situation and prevent a broader selloff.

Key data shared by CryptoQuant’s Head of Research, Julio Moreno, reveals that Bybit’s ETH reserves are slowly recovering. The exchange has seen positive net flows of 139,000 ETH since the hack, a sign that confidence is gradually returning. This is a positive indicator, suggesting that despite unexpected setbacks, the industry remains resilient.

Ethereum Bybit Exchange Netflow | Source: Julio Moreno on X
Ethereum Bybit Exchange Netflow | Source: Julio Moreno on X

While Ethereum still faces key resistance levels, the recovery of Bybit’s reserves signals that investors are regaining trust. The next few days will be crucial in determining whether ETH can break out of its bearish trend or continue its struggle.

Technical Analysis: Key Liquidity Levels

Ethereum is trading at $2,750 after days of struggling below the $2,800 resistance level while maintaining support above $2,600. Indecision has dominated price action for over two weeks, leaving investors uncertain about the next move. The prolonged consolidation suggests that ETH is building momentum for a significant breakout in either direction.

ETH price consolidates below $2,800 | Source: ETHUSDT chart on TradingView
ETH price consolidates below $2,800 | Source: ETHUSDT chart on TradingView

If bulls can reclaim the $2,800 level in the coming days, Ethereum could push toward the $3,000 mark, which serves as both a psychological and technical resistance. A breakout above this level would confirm a bullish reversal and set the stage for a massive rally into higher supply zones. On the other hand, failing to reclaim $2,800 and losing the $2,600 support could trigger another round of selling pressure, potentially sending ETH into lower demand levels.

Related Reading: Bitcoin Retail Investors Hold Back As Whales Drive The Market – Insights

Market sentiment remains divided, with some analysts expecting Ethereum to follow Bitcoin’s lead into new highs, while others anticipate further downside if the overall crypto market weakens. As volatility continues to decrease, traders are watching closely for any signs of an imminent breakout. The next major move will likely determine the short-term direction of Ethereum and set the tone for its performance in the coming weeks.

Featured image from Dall-E, chart from TradingView

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Sebastian Villafuerte

Sebastian Villafuerte

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Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies. As his knowledge grew, Sebastian felt compelled to share his insights with others. He began actively contributing to online discussions on platforms like X and LinkedIn, focusing on fintech and crypto-related content. His goal was to expose valuable trends and insights to a wider audience, fostering a deeper understanding of the rapidly evolving crypto landscape. Sebastian's contributions quickly gained recognition, and he became a trusted voice in the online crypto community. To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology. Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K forms, or engaging in thought-provoking discussions about the future of finance. Sebastian's journey as a crypto analyst and investor has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable asset to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and contributing to the growth of this revolutionary technology.

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