Ethereum price drops despite Bybit reportedly buying $700M ETH — Why?


Ether price is down nearly 6% even though Bybit has been buying in bulk. Cointelegraph explains why.

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  • bitcoinBitcoin (BTC) $ 119,842.00
  • ethereumEthereum (ETH) $ 3,011.70
  • xrpXRP (XRP) $ 2.95
  • tetherTether (USDT) $ 1.00
  • bnbBNB (BNB) $ 689.06
  • solanaSolana (SOL) $ 162.23
  • usd-coinUSDC (USDC) $ 0.999807
  • dogecoinDogecoin (DOGE) $ 0.197175
  • tronTRON (TRX) $ 0.302536
  • staked-etherLido Staked Ether (STETH) $ 3,010.36
  • cardanoCardano (ADA) $ 0.733979
  • hyperliquidHyperliquid (HYPE) $ 47.46
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 119,579.00
  • stellarStellar (XLM) $ 0.459509
  • suiSui (SUI) $ 3.88
  • wrapped-stethWrapped stETH (WSTETH) $ 3,639.03
  • chainlinkChainlink (LINK) $ 15.74
  • bitcoin-cashBitcoin Cash (BCH) $ 505.06
  • hedera-hashgraphHedera (HBAR) $ 0.236622
  • avalanche-2Avalanche (AVAX) $ 21.27
  • leo-tokenLEO Token (LEO) $ 9.00
  • wrapped-eethWrapped eETH (WEETH) $ 3,228.66
  • shiba-inuShiba Inu (SHIB) $ 0.000013
  • the-open-networkToncoin (TON) $ 3.03
  • wethWETH (WETH) $ 3,012.42
  • litecoinLitecoin (LTC) $ 95.61
  • usdsUSDS (USDS) $ 0.999655
  • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00
  • whitebitWhiteBIT Coin (WBT) $ 45.83
  • moneroMonero (XMR) $ 344.32
  • polkadotPolkadot (DOT) $ 3.95
  • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 119,835.00
  • uniswapUniswap (UNI) $ 9.15
  • ethena-usdeEthena USDe (USDE) $ 1.00
  • bitget-tokenBitget Token (BGB) $ 4.46
  • pepePepe (PEPE) $ 0.000012
  • aaveAave (AAVE) $ 314.91
  • bittensorBittensor (TAO) $ 408.36
  • daiDai (DAI) $ 1.00
  • pi-networkPi Network (PI) $ 0.458164
  • crypto-com-chainCronos (CRO) $ 0.107000
  • aptosAptos (APT) $ 4.97
  • nearNEAR Protocol (NEAR) $ 2.58
  • ethena-staked-usdeEthena Staked USDe (SUSDE) $ 1.18
  • ondo-financeOndo (ONDO) $ 0.921845
  • internet-computerInternet Computer (ICP) $ 5.38
  • okbOKB (OKB) $ 48.02
  • jito-staked-solJito Staked SOL (JITOSOL) $ 197.24
  • ethereum-classicEthereum Classic (ETC) $ 18.53
  • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
  • mantleMantle (MNT) $ 0.725305
  • algorandAlgorand (ALGO) $ 0.280377
  • kaspaKaspa (KAS) $ 0.085621
  • usd1-wlfiUSD1 (USD1) $ 1.00
  • ethenaEthena (ENA) $ 0.336444
  • cosmosCosmos Hub (ATOM) $ 4.55
  • bonkBonk (BONK) $ 0.000027
  • vechainVeChain (VET) $ 0.024308
  • pump-funPump.fun (PUMP) $ 0.005811
  • polygon-ecosystem-tokenPOL (ex-MATIC) (POL) $ 0.228550
  • arbitrumArbitrum (ARB) $ 0.402637
  • susdssUSDS (SUSDS) $ 1.06
  • render-tokenRender (RENDER) $ 3.77
  • fasttokenFasttoken (FTN) $ 4.51
  • gatechain-tokenGate (GT) $ 15.80
  • official-trumpOfficial Trump (TRUMP) $ 9.42
  • pudgy-penguinsPudgy Penguins (PENGU) $ 0.029619
  • sei-networkSei (SEI) $ 0.334463
  • fetch-aiArtificial Superintelligence Alliance (FET) $ 0.709372
  • binance-peg-wethBinance-Peg WETH (WETH) $ 3,013.96
  • worldcoin-wldWorldcoin (WLD) $ 1.05
  • filecoinFilecoin (FIL) $ 2.57
  • lombard-staked-btcLombard Staked BTC (LBTC) $ 119,755.00
  • skySky (SKY) $ 0.077375
  • quant-networkQuant (QNT) $ 111.81
  • binance-staked-solBinance Staked SOL (BNSOL) $ 172.29
  • jupiter-perpetuals-liquidity-provider-tokenJupiter Perpetuals Liquidity Provider Token (JLP) $ 4.74
  • jupiter-exchange-solanaJupiter (JUP) $ 0.497757
  • kucoin-sharesKuCoin (KCS) $ 11.52
  • first-digital-usdFirst Digital USD (FDUSD) $ 0.998338
  • usdtbUSDtb (USDTB) $ 0.999654
  • kelp-dao-restaked-ethKelp DAO Restaked ETH (RSETH) $ 3,158.85
  • rocket-pool-ethRocket Pool ETH (RETH) $ 3,433.32
  • spx6900SPX6900 (SPX) $ 1.51
  • usdt0USDT0 (USDT0) $ 1.00
  • celestiaCelestia (TIA) $ 1.86
  • nexoNEXO (NEXO) $ 1.31
  • fartcoinFartcoin (FARTCOIN) $ 1.29
  • story-2Story (IP) $ 4.36
  • xdce-crowd-saleXDC Network (XDC) $ 0.078601
  • blockstackStacks (STX) $ 0.794258
  • flare-networksFlare (FLR) $ 0.017433
  • injective-protocolInjective (INJ) $ 12.38
  • optimismOptimism (OP) $ 0.657044
  • mantle-staked-etherMantle Staked Ether (METH) $ 3,229.90
  • solv-btcSolv Protocol BTC (SOLVBTC) $ 119,713.00
  • stakewise-v3-osethStakeWise Staked ETH (OSETH) $ 3,164.99
  • sonic-3Sonic (S) $ 0.347605
  • virtual-protocolVirtuals Protocol (VIRTUAL) $ 1.68
  • polygon-bridged-usdt-polygonPolygon Bridged USDT (Polygon) (USDT) $ 1.00
  • bitcoinBitcoin (BTC) $ 119,842.00
  • ethereumEthereum (ETH) $ 3,011.70
  • xrpXRP (XRP) $ 2.95
  • tetherTether (USDT) $ 1.00
  • bnbBNB (BNB) $ 689.06
  • solanaSolana (SOL) $ 162.23
  • usd-coinUSDC (USDC) $ 0.999807
  • dogecoinDogecoin (DOGE) $ 0.197175
  • tronTRON (TRX) $ 0.302536
  • staked-etherLido Staked Ether (STETH) $ 3,010.36
  • cardanoCardano (ADA) $ 0.733979
  • hyperliquidHyperliquid (HYPE) $ 47.46
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 119,579.00
  • stellarStellar (XLM) $ 0.459509
  • suiSui (SUI) $ 3.88
  • wrapped-stethWrapped stETH (WSTETH) $ 3,639.03
  • chainlinkChainlink (LINK) $ 15.74
  • bitcoin-cashBitcoin Cash (BCH) $ 505.06
  • hedera-hashgraphHedera (HBAR) $ 0.236622
  • avalanche-2Avalanche (AVAX) $ 21.27
  • leo-tokenLEO Token (LEO) $ 9.00
  • wrapped-eethWrapped eETH (WEETH) $ 3,228.66
  • shiba-inuShiba Inu (SHIB) $ 0.000013
  • the-open-networkToncoin (TON) $ 3.03
  • wethWETH (WETH) $ 3,012.42
  • litecoinLitecoin (LTC) $ 95.61
  • usdsUSDS (USDS) $ 0.999655
  • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00
  • whitebitWhiteBIT Coin (WBT) $ 45.83
  • moneroMonero (XMR) $ 344.32
  • polkadotPolkadot (DOT) $ 3.95
  • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 119,835.00
  • uniswapUniswap (UNI) $ 9.15
  • ethena-usdeEthena USDe (USDE) $ 1.00
  • bitget-tokenBitget Token (BGB) $ 4.46
  • pepePepe (PEPE) $ 0.000012
  • aaveAave (AAVE) $ 314.91
  • bittensorBittensor (TAO) $ 408.36
  • daiDai (DAI) $ 1.00
  • pi-networkPi Network (PI) $ 0.458164
  • crypto-com-chainCronos (CRO) $ 0.107000
  • aptosAptos (APT) $ 4.97
  • nearNEAR Protocol (NEAR) $ 2.58
  • ethena-staked-usdeEthena Staked USDe (SUSDE) $ 1.18
  • ondo-financeOndo (ONDO) $ 0.921845
  • internet-computerInternet Computer (ICP) $ 5.38
  • okbOKB (OKB) $ 48.02
  • jito-staked-solJito Staked SOL (JITOSOL) $ 197.24
  • ethereum-classicEthereum Classic (ETC) $ 18.53
  • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
  • mantleMantle (MNT) $ 0.725305
  • algorandAlgorand (ALGO) $ 0.280377
  • kaspaKaspa (KAS) $ 0.085621
  • usd1-wlfiUSD1 (USD1) $ 1.00
  • ethenaEthena (ENA) $ 0.336444
  • cosmosCosmos Hub (ATOM) $ 4.55
  • bonkBonk (BONK) $ 0.000027
  • vechainVeChain (VET) $ 0.024308
  • pump-funPump.fun (PUMP) $ 0.005811
  • polygon-ecosystem-tokenPOL (ex-MATIC) (POL) $ 0.228550
  • arbitrumArbitrum (ARB) $ 0.402637
  • susdssUSDS (SUSDS) $ 1.06
  • render-tokenRender (RENDER) $ 3.77
  • fasttokenFasttoken (FTN) $ 4.51
  • gatechain-tokenGate (GT) $ 15.80
  • official-trumpOfficial Trump (TRUMP) $ 9.42
  • pudgy-penguinsPudgy Penguins (PENGU) $ 0.029619
  • sei-networkSei (SEI) $ 0.334463
  • fetch-aiArtificial Superintelligence Alliance (FET) $ 0.709372
  • binance-peg-wethBinance-Peg WETH (WETH) $ 3,013.96
  • worldcoin-wldWorldcoin (WLD) $ 1.05
  • filecoinFilecoin (FIL) $ 2.57
  • lombard-staked-btcLombard Staked BTC (LBTC) $ 119,755.00
  • skySky (SKY) $ 0.077375
  • quant-networkQuant (QNT) $ 111.81
  • binance-staked-solBinance Staked SOL (BNSOL) $ 172.29
  • jupiter-perpetuals-liquidity-provider-tokenJupiter Perpetuals Liquidity Provider Token (JLP) $ 4.74
  • jupiter-exchange-solanaJupiter (JUP) $ 0.497757
  • kucoin-sharesKuCoin (KCS) $ 11.52
  • first-digital-usdFirst Digital USD (FDUSD) $ 0.998338
  • usdtbUSDtb (USDTB) $ 0.999654
  • kelp-dao-restaked-ethKelp DAO Restaked ETH (RSETH) $ 3,158.85
  • rocket-pool-ethRocket Pool ETH (RETH) $ 3,433.32
  • spx6900SPX6900 (SPX) $ 1.51
  • usdt0USDT0 (USDT0) $ 1.00
  • celestiaCelestia (TIA) $ 1.86
  • nexoNEXO (NEXO) $ 1.31
  • fartcoinFartcoin (FARTCOIN) $ 1.29
  • story-2Story (IP) $ 4.36
  • xdce-crowd-saleXDC Network (XDC) $ 0.078601
  • blockstackStacks (STX) $ 0.794258
  • flare-networksFlare (FLR) $ 0.017433
  • injective-protocolInjective (INJ) $ 12.38
  • optimismOptimism (OP) $ 0.657044
  • mantle-staked-etherMantle Staked Ether (METH) $ 3,229.90
  • solv-btcSolv Protocol BTC (SOLVBTC) $ 119,713.00
  • stakewise-v3-osethStakeWise Staked ETH (OSETH) $ 3,164.99
  • sonic-3Sonic (S) $ 0.347605
  • virtual-protocolVirtuals Protocol (VIRTUAL) $ 1.68
  • polygon-bridged-usdt-polygonPolygon Bridged USDT (Polygon) (USDT) $ 1.00