PANews reported on May 7th that according to Kaiko's analysis, Bybit's Bitcoin liquidity, measured by 1% market depth, recovered to an average of $13 million per day by the end of the first quarter of 2025, fully returning to the level before the $1.5 billion hacking incident. Liquidity across order book levels has been restored, ranging from 0.1% to 8% around the mid-price, indicating deep involvement from institutional market makers. The liquidity recovery is not limited to Bitcoin. By March, over 80% of the market depth for the top 30 mainstream Altcoins had recovered to pre-incident levels. Major token spreads, including high-volatility assets like Doge and XRP, have significantly narrowed, reflecting reduced execution costs and restored market-making confidence. The bid-ask volatility—a key indicator of market stress—continued to decline in March, suggesting improved order book stability and increased liquidity provider participation.
Despite cautious market sentiment due to macroeconomic uncertainty, Bybit's trading volume recovery is faster than similar events like the 2016 Bitfinex hack. Kaiko data shows that Bybit's hourly trading volume spiked to $1.2 billion after the incident, briefly dropping during weekends but steadily recovering, highlighting user stickiness and platform resilience. The Kaiko report noted that Bybit's crisis recovery was highly transparent, with open communication and timely market mechanism optimization, which was crucial in rebuilding market confidence and trading stability.
