Mirana Ventures, related to the founders of Bybit, keeps buying the dip on Ethereum (ETH)

Mirana Ventures, a global investment fund with ties to the Bybit exchange, continued to buy Ethereum (ETH) during the latest market dip. Mirana acquired ETH through OTC deals and made a deposit to Bybit. 

Mirana Ventures, a global investment fund with ties to the founders of Bybit, continued to acquire Ethereum (ETH) in OTC deals. Mirana Ventures acquired 21,667 ETH from the FalconX brokerage and, soon after that, moved them to the Bybit exchange. 

Mirana received its starting capital from some of Bybit’s co-founders. Three days ago, the exchange received another deposit of 36.89 ETH from Mirana while trying to recover its ETH reserves. 

The new purchase arrived after Bybit had already covered its bridged loan to other exchanges and partners. Bybit managed to repay ETH withdrawals in kind, later purchasing the asset at a lower price. 

Mirana has helped Bybit restock the loss of over 400K ETH while also refilling its reserves. As of February 26, Bybit reported its latest proof-of-reserves, raising 102% in ETH oversupply. The exchange now holds 451,102 ETH, with 440,429 in trader claims. 

In the early hours after the hack, Mirana Ventures was the first to respond with a deposit of 10,000 ETH and additional support to rebuild the exchange’s liquidity. Later, Mirana Ventures started a series of OTC deals with FalconX, liquidating $500M in BTC reserves and an additional $100M USDT. The role of Mirana Ventures was key in preventing the spread of panic.

ETH credit blamed for market crash

Bybit managed to recover its activity within days, avoiding the initial panic and contagion. However, borrowing ETH had unexpected effects. Some even blamed the exchange for deliberately tanking the asset, so they can buy at a lower price. Despite the active buying on the side of Mirana Ventures, the OTC deal did not work in favor of ETH.

ETH traded close to $2,000 before recovering to $2,137.86. The token saw mixed activity, with whales capitulating and large-scale buying near the lows. ETH saw some pressure from the attempts of the Bybit hackers to launder their funds. About 50% of the stolen ETH has become inaccessible through swapping and mixing. 

Additionally, Bybit itself is putting pressure on the BTC and ETH markets. The exchange was the leader in ETH liquidations for the past 24 hours, with a total of $66.8M in liquidated ETH positions, of which 93.63% were long liquidations. 

The high level of liquidations and the active accumulation of ETH led to suggestions that Bybit may be manipulating the market. Traders who bet on an ETH recovery may see their positions liquidated by sellers who bought ETH at a lower price and can afford to attack the market.

ETH has accumulated liquidity in short positions, though still insufficient for a short squeeze. However, overall open interest for ETH has returned to levels from November 5, 2024, erasing the hype from the US elections. ETH open interest is now down to $9.6M, with over 71% in long positions. 

Mirana Ventures turns into a key advisor for the crypto industry

Mirana Ventures also recently advised its partners to use the Safe Wallet without issues. In addition to being a VC fund, Mirana works as an intermediary and possibly an advisor to other crypto projects. 

The Mirana investment company is also a partner of Mantle, supporting the ecosystem and its funding activities. Mirana invests directly in crypto projects and other funds while offering legal support and advice. It has tapped experts from finance and other industries and built a wide portfolio of assets. 

Mirana Ventures has supported 105 crypto startups, with financing rounds between $3M and $10M. Just 10 days ago, It joined a $20M round for Cygnus Finance and later added a $4M round for Memes Lab.

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