Glassnode x Bybit:

Market Resilience in Action

We analyzed how the digital asset market absorbed a $1.4B shock by examining on-chain data before and after the Bybit hack.

What market mechanisms turned the largest centralized exchange hack on record into a proof of crypto’s growing resilience? Find out in this joint report.

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The second-largest cryptocurrency exchange by trading volume, Bybit serves a global community of over 70 million users, bridging the gap between TradFi and DeFi, and helping unlock the full potential of Web3.

Institutional investors leverage Glassnode's industry-leading on-chain analytics to gain unique insights into capital flows, asset fundamentals, and market sentiment in Bitcoin, Ethereum, Solana, and more.

What's covered in the report?

Here is a preview of the many essential data-driven insights you will find in the 23-page report.

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 trading volumes held firm

Perpetual volumes held steady through the hack, signaling user confidence under pressure. Post-incident, Bitcoin and Solana maintained strong daily volumes of $10B and $1.7B respectively, while Ethereum surged to a record high of $8.5B/day.

BTC Price Performance Since Cycle Low Chart by Glassnode

Liquidity stress reversed

Post-hack, ETH, BTC, and SOL faced sharp spread widening and a drop in market depth, indicating significant liquidity stress. By mid-April, both had not only normalized but surpassed pre-incident levels, reflecting a resilient and confident market response.

Glassnode indicators confirm swift recovery

Glassnode’s proprietary Internal Reshuffling Ratio and Whale Withdrawal Ratio surged following the hack, reflecting significant internal asset movement and large-scale withdrawals. Both normalized quickly, indicating that operational stress and whale activity posed no systemic risk.

Disclaimer: The information contained in this report is meant for informational purposes only and should not be interpreted as investment advice.

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