Test
Part 1: Bybit’s 30-Day Bitcoin Liquidity Recovery

Part 2: Altcoin Market Liquidity Analysis and Execution Costs

Part 3: Trading Volumes Post-Hack

Pt. 1: BYBIT’S 30-DAY BITCOIN LIQUIDITY RECOVERY

Bybit’s BTC market depth returned to pre-hack levels just one month after the event, signaling strong resilience from market makers despite broader market uncertainty.

→ Daily average 1% BTC market depth reached $13mn by end of Q1.

→ Liquidity recovered across all order book levels, from 0.1% to 8% of the mid-price.

Pt. 2: ALTCOIN MARKET LIQUIDITY ANALYSIS AND EXECUTION COSTS

Altcoin markets on Bybit showed a strong recovery in March, with broad-based improvements in order book depth and trading conditions across major tokens.

→ Over 80% of pre-shock market depth restored for the top 30 altcoins by market cap.

→ Bid-ask spread volatility declined across the board, signaling improved market stability and growing confidence from liquidity providers.

Pt. 3: TRADING VOLUMES POST-HACK

Bybit’s trading volumes normalized faster than after comparable market events, highlighting strong user retention and platform resilience despite continued macro uncertainty.

→ Hourly trading volume briefly spiked to $1.2bn post-incident, before rebounding in line with broader market patterns.

→ Volumes recovered more quickly than after the Binance.US SEC suit or the 2016 Bitfinex hack, pointing to sustained user confidence.