The Bitcoin BTCUSD 1% market depth, a key liquidity indicator, rebounded to around $13 million per day in March 2025, mirroring the pre-hack figures. While altcoin liquidity on Bybit has been slightly sluggish in catching up to Bitcoin, it has still managed to recuperate to approximately 80% of its pre-hack state.

Kaiko’s researchers highlighted, “The slower recovery of altcoins can be attributed to the current risk-averse market atmosphere that has hit altcoins harder. Despite Bitcoin being considered a high-risk asset, it continues to be viewed as the crypto market’s safe haven.”

Even though Bybit’s trading volumes are still in the recovery phase, the report emphasizes that this decline mirrors the larger market trend due to the prevailing macroeconomic uncertainty shaking up risk asset markets, and it’s not solely a result of the most significant hack in crypto history.

Bybit fell victim to a cyberattack on February 21, 2025, which resulted in a whopping $1.5 billion theft. The post-hack investigation pointed to a compromised device belonging to a SafeWallet developer, the company behind the multi-signature wallet custody solution used by Bybit, as the source of the breach.

Throughout the incident, Bybit kept withdrawals open, allowing its users to access and withdraw their funds with minimal delay. Bybit’s CEO, Ben Zhou, reassured investors of the exchange’s solvency, stating that their reserves were adequate to cover the losses, irrespective of whether the stolen funds were retrieved or not. Zhou’s response rallied the crypto industry behind Bybit, with many competitors offering bridge loans, technical support, and even freezing the stolen funds on their platforms.

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