Bitget Transfers 40,000 ETH to Bybit Amid Withdrawal Surge Following ETH Hack

On February 22nd, COINOTAG News reported a significant movement in the cryptocurrency market. As per data from on-chain analyst Yu Jin, Bitget executed a substantial transfer of 40,000 ETH, valued at approximately $105.9 million, to Bybit. This transfer is perceived as a strategic measure to support liquidity amid a surge in withdrawal requests following a recent Ethereum hack. The transaction, routing from Bitget directly to Bybits cold wallet, underscores the importance of maintaining robust operational capabilities during periods of market volatility. The swift action taken by Bitget not only bolsters trust in exchange resilience but also serves as a reminder of the ongoing challenges within the crypto ecosystem, where security and responsiveness remain paramount.