Bybit Buys Back ETH After $1.4B Heist, Eyes on $3,100

After a $1.4 billion Ethereum (ETH) theft on the Bybit exchange on February 21, 2025, Bybit bought back 54,393 ETH for approximately $100 million USDT at an average price of $2,711. This purchase was facilitated by Galaxy Digital and FalconX through over-the-counter trades. Following the buyback, Bybit's CEO acknowledged support from various crypto companies. At the time of the article's publication, ETH's price was around $2,780, up 2.5% in the last 24 hours, with trading volume also increasing by 10%. However, $155.5 million worth of ETH flowed into exchanges, suggesting potential selling pressure from long-term holders. Technical analysis indicated that ETH was consolidating between $2,560 and $2,800. A daily close above $2,820 could push the price up to $3,100, but ETH was still trading below its 200-day exponential moving average, a sign of a continuing downtrend.