Bybit has made substantial purchases of Ethereum (ETH) in recent transactions, totaling 106,498 ETH worth approximately $294.93 million. Initially, on February 22, Bybit acquired 36,893 ETH for $100 million, purchasing each token at $2,711 from Galaxy Digital and FalconX. Following this, Bybit continued its buying spree, acquiring an additional 71,755 ETH for $197 million. This was achieved through over-the-counter (OTC) deals, with the latest purchase including 34,743 ETH valued at $97.75 million from Wintermute. The recent activity has reportedly restored Bybit's ETH reserves to 159,702 ETH. The exchange's aggressive buying strategy is perceived as a bullish signal for the cryptocurrency market.