| | Hi Ariane,
We analyzed how the markets absorbed a $1.4B shock in February 2025 - using proprietary metrics to assess exchange risk, liquidity conditions, and derivatives positioning before and after the Bybit hack.
What market mechanisms turned the largest centralized exchange breach on record into evidence of crypto's growing resilience?
Find out in a new in-depth case study, prepared in collaboration with Bybit. | | Claim your copy | | | | | | | | Full recovery in open interest across major assets | The hacking event triggered a broad-based drop in open interest across ETH, BTC, and SOL contracts on Bybit. All three have since rebounded: BTC returned to pre-hack levels, while ETH and SOL pushed even higher.
| | | Perpetual volumes remained robust | Perpetual volumes held steady through the hack, signaling user confidence under pressure. Post-incident, Ethereum surged to a record high of $8.5B/day. | | | Liquidity stress reversed within weeks | By mid-April, both Ethereum and Bitcoin had not only normalized but surpassed pre-incident levels, reflecting a resilient and confident market response. | | | Exchange Risk Diagnostics | Glassnode's proprietary Internal Reshuffling Ratio and Whale Withdrawal Ratio both normalized quickly after the hack, indicating that operational stress and whale activity posed no systemic risk. | | | | |
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