The well-known exchange Bybit has recently been hacked and lost $1.5 billion in crypto assets. Subsequently, a large amount of Ether (ETH) has been transferred to Bybit, attracting significant market attention. According to the on-chain data platform Lookonchain, approximately 446,870 ETH worth $12.26 million flowed into Bybit after the hack, with the funds coming from various sources such as over-the-counter (OTC) trading, institutional lending, and exchange withdrawals, indicating that market participants still have a high degree of confidence in Bybit.

ETH Inflow Source Analysis, Largest Single Deposit of 157,660 ETH

The data shows that the largest ETH inflow transaction came from the address 0x2E45f6eA5293a17771d256Fe5BC955fF17e71b77, with a transfer of approximately 157,660 ETH worth $437 million, which may have been purchased through over-the-counter (OTC) trading.

Another large transfer came from the address 0x7DCF68819c29F4c03d6908d1A066420Fd811A995, with approximately 109,033 ETH worth $304 million, which may have been purchased through centralized exchanges (CEXs) and decentralized exchanges (DEXs).

In addition, anonymous institutional or whale wallets have also provided a significant amount of loans, approximately 47,800 ETH worth $127 million, indicating that there are still institutions in the market supporting Bybit through lending.

Exchange and Institutional Involvement, Loans Dominate

Several well-known institutions and exchanges have also participated in this wave of ETH inflows to support Bybit, including:

• Bitget: Provided a loan of approximately 40,000 ETH worth $105 million.
• MEXC: Provided a loan of approximately 12,653 stETH worth $33.87 million.
• Mirana Ventures: Transferred approximately 10,000 ETH worth $27.97 million.

These institutional involvements indicate that the market still has a certain degree of confidence in Bybit's short-term liquidity situation.

Part of the Funds Suspected to Come from Investment Funds and Individuals

Some of the fund sources are suspected to be from venture capital or individual investors:

• Twitter user @yuchao's related address transferred approximately 2,499 ETH worth $7.01 million.
• DWF Labs transferred approximately 2,200 ETH worth $6.02 million.
• Fenbushi Capital transferred approximately 10,000 ETH worth $27.02 million.

OTC Transactions and Unknown Fund Flows Remain to be Observed

The sources of some ETH inflows are still unclear:

• 0xbA7E3E03B98baD43F20bCA3c1E7d06d62E8385ae transferred approximately 22,609 ETH worth $61.86 million, which may have come from over-the-counter (OTC) trading.
• 0x32751C123256Ae2D4B0317EF9289CA0c8C63b45b transferred approximately 20,000 ETH worth $53.69 million, with an unknown source.
• 0x7605Bb14cb873b7af6E2CA7E256C4c2f21068E3 transferred approximately 8,000 stETH worth $21.61 million, with an unknown source.

Fund Inflows Indicate the Market Still Has Confidence in Bybit

Although the Bybit hack has raised market concerns, the on-chain data shows that institutions, exchanges, and investors are still willing to provide liquidity support, indicating that the market's trust in Bybit has not yet been undermined. However, the sources of some funds remain questionable, especially the OTC transactions and unknown institutions, and their future impact on market dynamics is still worth observing.

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