According to monitoring by Lookonchain——

Bybit seems to have purchased 71,755 $ETH worth $197 million through OTC.

Note: OTC purchases do not affect market prices!

The design of OTC trading is to ensure that large transactions do not impact market prices, as it does not interact directly with the public market's order book, thus avoiding price fluctuations caused by large buy or sell orders.

In this case, Bybit's purchase price is consistent with the market price and will not immediately affect the exchange's price.

However, although OTC transactions themselves do not directly affect prices, if the market learns of Bybit's large purchase, it may be interpreted as strong demand for ETH, potentially driving prices up indirectly.

After all, there are still hundreds of thousands of purchase demands!

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