- The results emphasize Bybit’s extraordinary recovery rate and how the replacement’s noisy reaction helped to limit a possible disaster.
- The industry’s reaction to the attack by Bybit-Lazarus marks the beginning of a new era of resilience in the digital asset market.
- Bybit’s deep liquidity, which for a long time had been regarded as one of its main competitive advantages, was questioned after the attack.
Glass nodeThe leading supplier of Onchain Market Intelligence recognized by top levels for financial institutions all over the world has recently released a new research report as highlights Villagewhich is the second largest cryptocurrency exchange in the world based on trade volume. The results emphasize Bybit’s extraordinary recovery rate and how the replacement’s noisy reaction helped to limit a possible disaster by absorbing market shocks that may have thrown the cryptocurrency sector in a downward spiral. Bybit’s recovery rate was unmatched.
The comprehensive report, called Digital Asset Market Resilience: A deep dive into Bybit-Lazarus hackInvestigates the timeline, trade activity and critical market data from the never -previously seen cyberattack that occurred in February 2025. This attack was the largest crypto hack in history, with a total value of $ 1.4 billion. In addition, the report directs the attack on major disruptions to disruptions that occurred in both the traditional financial markets and digital assets and the Cryptocurrency markets. The industry’s reaction to the attack by Bybit-Lazarus marks the beginning of a new era of resilience in the digital asset market, which is contrary to previous patterns of financial crises and cryptochashes.
Eternal open interest and volumes recovery
The performance for three important assets traded on Bybit – Bitcoin, Ethereum and SoL – was analyzed in this research. As a result of extensive position that ended up and forced impact, the open interest in Ethereum underwearing Bybit underwent one of the most serious contractions ever registered on February 22, the day after the hack that occurred. Nevertheless, during the subsequent two months, open interest shifted fluctuations in a largely positive direction, with the majority of the values that recover to their long -term average and sometimes surpassed the regular volatility threshold.
After the hack, Bitcoin and sun followed a road comparable to Ethereum. During the month of May, Bitcoin and Sol created both important milestones, with Bitcoin, which reaches a record peak in the future forever open interest rate to $ 8.5 billion and SOL reaches $ 1.2 billion. The report states that all three have been restored to their pre-hack levels during publication.
The analysts in the report wrote:
“When we investigate eternal trade volumes for the Ethereum supply, we observe stability in trade activity before and after the hack event, with volumes that remained largely unchanged. In addition, after Ethereum’s surprise in recent weeks, was trading with village bites, reached a new all-time high high of $ 8.5/DAY, All-time high of $ 8.5B/day, a remarkable miles considering it was ready to have it, reach a new All-High of $ 8.5B/day, a remarkable miles given that it was clear to hack into the hacked goal “.
Streaming spreads: Liquidity conditions stabilized
Bybit’s deep liquidity, which for a long time had been regarded as one of its main competitive advantages, was questioned after the attack. Market liquidity was facing acute stress as a result of the bid-mask spread being much broader and the market depth became considerably smaller. During the uncertainty, the phenomenon suggested that a significant number of participants’ withdrawal. Within the first twelve hours after the security compromise, the exchange dealt with a record -breaking 350,000 withdrawal.
But from mid -April, both indicators have seen a consistent recovery. The Bud-Ask spreads have returned to pre-incident levels, and the market depth has actually exceeded the values before hack in May. This indicates that Market Maker Trust has been restored and that the trade terms have returned to normal.
Breaking the Crisi’s pattern: Why the Bybit hack did not trigger the industry’s collapse
A small tooth was left in Bybit’s liquidity as a result of the hacking event, but the exchange recovered quickly to its before hack levels. This prevented hacking question from escalating to widespread panic with widespread systemic pressure.
Glassnode established a unique model based on two critical indications to evaluate the operational stability of the village bit. These indicators are the internal rebuilding ratio and choice of exchange rate. As a result of the chop, both measurement values saw a period of nails before returning to their usual levels.
As a result of Bybit’s “rapid operational responses, transparent communication and strong internal controls”, the report said that the exchange could preserve client assets, maintain platform integrity and manage the risk of infection. This was why the market wasted was prevented.
The report contributes to the growing body of analytical literature on the historical hacking event, whose aftermath highlighted the industry’s increasing resilience by avoiding the systemic collapse observed in previous crises such as FTX and Terra. Bybit not only prevented damage that may have affected the entire market, but also caused important assets to achieve new trading records, which showed that institutional quality processes are now included in the markets for digital assets. The presence of this event means a significant change in the ability of Cryptocurrency to absorb major disruptions, which has the potential to change investors’ confidence and accelerate the maturity of the market. Those interested in learning more about the report can go to Glass node insights.
