Dubai, United Arab Emirates, May 7, 2025, Chain Wire
In the aftermath of the biggest hack in cryptography history, BYBIT has emerged as a case study of market resilience, transparency and user trust. A new independent report by Kaiko, a leading provider of facility-grade crypto market data, reveals that Bybit’s liquidity has recovered to pre-level levels within just 30 days.
On February 21, 2025, BYBIT was a coordinated cyber attack target, resulting in an unauthorized withdrawal of $1.5 billion. The incident sent shockwaves through the global crypto ecosystem, but Bybit’s rapid response and robust infrastructure were guaranteed to remain uninterrupted in the transaction. Over the next few weeks, the platform’s liquidity, transaction depth and user reliability bounced back at an astonishing speed.
30-day turnaround led by market structure innovation
According to Kaiko’s analysis, Bybit’s Bitcoin liquidity was measured at a 1% market depth, and by the end of the first quarter of 2025 averaged $13 million a day, matching the pre-hack level. Liquidity recovers from 0.1% of medium price to 8% in all order book classes, highlighting deep institutional participation.
The main contributor to this recovery was the timely launch of Retail Price Improvement (RPI) orders on February 20, just one day before the attack. These orders, limited to manual traders in the Bybit interface and not accessible via API, are placed by the facility’s market manufacturers and enhance the pricing terms of retail participants. On unstable days after integration, RPI orders helped to stabilize transactions, strengthen spreads, and protect manual users from predatory algorithmic behavior.
The strength and narrow spread of the Altcoin market
Liquidity recovery was not limited to Bitcoin. By March, more than 80% of the pre-hack market depth for altcoins with a market capitalisation of 30 coins had recovered. Spreading across key tokens including highly volatile assets such as DOGE and XRP – has been significantly strained, indicating improved execution costs and trust in new market makers.
The volatility of the spread of bid-ask, a key indicator of market stress, also declined throughout March, increasing order book stability and indicating an increase in participation from liquidity providers.
Volume recovers faster than previous crisis
Amidst the uncertainty of the macroeconomic, broader market sentiment was cautious, but Bybit’s trading volume recovered faster than after comparable shocks such as the 2016 Bitfinex Hack and the 2023 Binance.us Sec Case.
Kaiko data shows that BYBIT’s hourly trading volume was spiked briefly to $1.2 billion shortly after the incident. The volume was soaked along with weekend trends, but then normalized and began steadily climbing. It highlights strong user retention and increased confidence in the resilience of the Bibit market.
Transparency as a differentiator
One of the outstanding takeaways from the Kaiko report is Bybit’s transparency throughout the recovery process. Other platforms in a similar situation have long struggled with liquidity degradation, but Bibit’s open communication and aggressive market structure improvements have helped them regain trust faster than industry norms and stabilize the conditions.
As the crypto market matures, exchanges are increasingly measured not only by performance during the boom, but also by how they respond to adversity. Bibit’s commitment to rapid liquidity rebound and user-centric innovation sets new benchmarks for the industry’s operational resilience.
#bybit / #thecryptoark
About Bybit
By trading volumes, BYBIT is the world’s second largest cryptocurrency exchange, serving a global community of over 60 million users. Founded in 2018, BYBIT redefines openness in a decentralized world by creating a simple, open and equal ecosystem for all. With a focus on Web3, Bybit Partners is a strategic partner with key blockchain protocols, providing robust infrastructure and driving innovation on the chain. Famous for its secure custody, diverse markets, intuitive user experiences and advanced blockchain tools, the gap between Bybit Bridges Tradfi and Defi will help builders, creators and enthusiasts reach their full potential in Web3. Discover the future of decentralized finance at Bybit.com.
For more information about Bybit, please visit Bybit Press
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PR manager
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Bybit
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