PANews reported on May 7 that according to Kaiko's analysis, Bybit's Bitcoin liquidity, measured by 1% market depth, recovered to an average of $13 million per day at the end of the first quarter of 2025, fully returning to the level before the $1.5 billion hack. Liquidity has been restored at all levels of order books, ranging from 0.1% to 8% above or below the mid-price, showing the deep involvement of institutional market makers. The recovery of liquidity is not limited to Bitcoin. As of March, more than 80% of the market depth of the top 30 mainstream altcoins by market capitalization has recovered to pre-incident levels. The spreads of major tokens, including high-volatility assets such as DOGE and XRP, have tightened significantly, reflecting the decline in execution costs and the recovery of market confidence in market making. The volatility of the bid-ask spread - a key indicator of market pressure - continued to decline in March, indicating that the stability of the order book has improved and the participation of liquidity providers has increased.
Although macroeconomic uncertainty has led to cautious market sentiment, Bybit's trading volume has recovered faster than similar incidents such as the Bitfinex hack in 2016. Kaiko data shows that Bybit's hourly trading volume soared to $1.2 billion after the incident. Although it fell briefly over the weekend, it has since recovered steadily, highlighting user stickiness and trust in the platform's resilience. The Kaiko report said that Bybit's high transparency, open communication and timely optimization of market mechanisms during the crisis recovery process are the key to rebuilding market confidence and trading stability.
