Who in my family understands this? I couldn't help laughing when I saw this. Today's rise in Ethereum (ETH) was all driven by Bybit. From the on-chain data, it can be clearly seen that Bybit is buying ETH in large quantities with Tether (USDT) through over-the-counter (OTC).
Yesterday we talked about Bybit's previous ETH theft, which led to a gap in ETH funds. If users want to withdraw money, Bybit has no money on hand, so it can only borrow some for emergency use and then buy it back. Why do you have to buy after borrowing? For example, Bybit borrowed 100,000 ETH from a market maker, and it must pay back 100,000 ETH when it expires. But now part of its own ETH has been stolen, and the other part has been withdrawn by panicked retail investors. Where will the ETH come from when repaying? Therefore, Bybit will eventually have to buy 1.5 billion worth of ETH to fill this gap.
Fortunately, Bybit ranks high in the industry, and 1.5 billion funds are still enough for it. In addition, there are various lending channels, so this crisis has been barely overcome.
From the short-term market, ETH has risen to the previous high of 2840. The resistance at this position is quite large, and it has not been broken through three times before. I suggest that friends who have short-term long orders can consider taking profits. If you are bold, you can also try shorting. The stop loss is set at a position where ETH slightly breaks through the previous high. Once the shorting is successful, the lower target can be seen near 2750 and 2700.
