Bybit‘s Liquidity Recovers After Major Hack
In a testament to its resilience, Bybit, the cryptocurrency exchange that suffered a $1.5 billion hack in February 2025, has seen its liquidity levels return to pre-hack levels just 30 days after the incident. This recovery, highlighted in a report by crypto research firm Kaiko, provides a positive signal for the platform despite the significant financial blow it experienced.
According to Kaiko‘s analysis, Bitcoin‘s 1% market depth, a measure of liquidity, on Bybit has rebounded to its pre-hack levels of around $13 million per day in March 2025. This indicates a healthy level of activity and confidence in the platform’s trading environment, despite the previous security breach.
Altcoin Liquidity Lags Behind
While Bitcoin‘s liquidity recovered swiftly, the situation for altcoins has been slower. Kaiko‘s report suggests that altcoin liquidity on Bybit has rebounded to roughly 80% of its pre-hack levels. The authors attribute this lag to the broader market‘s risk-off sentiment, which has impacted altcoins more severely than Bitcoin.
“While Bitcoin is still seen as a risky asset, it remains the crypto market’s safe haven.” – Kaiko Report
The broader market‘s risk aversion, often driven by economic uncertainty, has made investors hesitant to venture into less established cryptocurrencies. This explains the slower recovery of altcoin liquidity on Bybit, despite the exchange‘s efforts to restore normalcy.
Bybit‘s Response to the Hack
Following the February hack, Bybit CEO Ben Zhou reassured investors that the exchange remained solvent, with sufficient reserves to cover the shortfall. Zhou’s confidence, coupled with the swift response of competitors who provided financial support and technical assistance, helped stabilize the situation. This collaborative effort demonstrated the strength of the crypto community in facing adversity.
The recovery of Bybit‘s liquidity levels is a positive sign for the platform and the broader crypto market. It indicates the platform’s ability to withstand significant challenges and its commitment to ensuring a stable trading environment for its users. However, the slower recovery of altcoin liquidity underscores the ongoing impact of the wider market environment, highlighting the need for continued vigilance and resilience in the face of volatility and external pressures.
