Wu learned that Conor Grogan, a director at Coinbase, tweeted that Binance and Bitget have just deposited over 50,000 ETH directly into Bybit's cold wallet, with Bitget's deposit being particularly noteworthy as it accounts for a quarter of all ETH on that exchange. Since the deposit address was skipped, these funds were evidently coordinated by Bybit itself.

Wu reported that Conor Grogan, a director at Coinbase, tweeted that Binance and Bitget have just deposited over 50,000 ETH directly into Bybit's cold wallet, with Bitget's deposit being particularly noteworthy, accounting for a quarter of all ETH on that exchange. The funds were clearly coordinated by Bybit themselves, as they bypassed the deposit address.

Conor Grogan: Binance and Bitget deposited over 50,000 ETH into Bybit's cold wallet.