@prediction
Currently, a key factor to watch is Bybit’s efforts to accumulate ETH to repay users. Market data suggests that Bybit has already purchased around $200-300M worth of ETH through OTC deals, which could indicate an upcoming price pump.
How about TA:
- ETH Open Interest (OI) is declining → This suggests that open positions are closing, and traders are reducing leverage.
- Funding Rate is also decreasing → Indicating that the long-side pressure is weakening, with traders either shifting to short positions or staying on the sidelines.
- ETH is down but still outperforming BTC → This could be due to the ongoing demand from Bybit's purchases, providing relative strength.
Overall, if Bybit continues accumulating ETH and Lazarus struggles to offload the stolen funds, ETH may see short-term stability or even a potential price recovery. However, a large-scale sell-off by Lazarus remains a downside risk to watch.
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