Summary: After suffering a $1.7 billion theft, cryptocurrency exchange Bybit has resumed accumulating Ethereum (ETH) by purchasing 36,893 ETH worth $87.50 million through an over-the-counter trade. However, the overall cryptocurrency market has experienced a significant price drop, and ETH is currently trading below the 200-day Exponential Moving Average (EMA), indicating a downtrend. Traders are betting on the short side and have built over-leveraged positions, favoring the short-term market sentiment.



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