How did the $ 1.5B Bybit trick affected the encryption market? An in -depth analysis

Less than two months ago, the Bybit cryptographic exchange was the victim of one of the largest attacks in the history of the cryptographic sector, losing around $ 1.5 billion in ether (ETH) against cybercriminals. Although the leading commercial platform has been significantly recovered from the effects of the attack, market experts have analyzed data that showed how the incident sailed.

A postmortem report Obtained by the institutional degree cryptographic research firm, Blockscholes reveals how deeply the hack affected the broader cryptographic market, the differential offer differentials and the role of the new requests for the improvement of retail prices (RPI) of bybit in the recovery of the platform.

How the Bybit trick affected the market

Remember that the attack went to one of Bybit’s cold Ethereum wallets. Blockscholes revealed that the massive sale that followed the incident was not exclusive to cryptography because the market was already witnessing a significant disbursement in cryptographic assets due to several macro events, including tariff tensions and the launch of the Deepseek artificial intelligence (AI) model.

Analyzing the impact of hack on specific trade volumes, analysts noticed a short duration peak in the commercial volume per hour of all tied pairs (USDT) of the average. After the peak, there was a significant fall in Bitcoin (BTC) and Altcoin’s trade volumes in the following days.

Bybit’s participation in the timely negotiation volume market fell from 11% to 4%, and the proportion of negotiated BTC fell from 50% to less than 20%, while ETH volumes remained relatively stable. Although these volumes have not yet returned to the high levels observed at the beginning of the year, there has been a significant recovery. Participation in general general trade has increased by a few points to 6-7%.

Despite the fall in commercial volumes, IDB-SK differentials remained tight. This metric measures the difference between the lowest application price and the highest supply price. A closer differential indicates greater liquidity and a lower risk of execution.

Quick recovery

After the Hack on February 21, only Pepe (Pepe) and Trump Official (Trump) witnessed a significant change in the depth of the book of order; BTC and even ETH, the stolen asset during the attack, saw the lowest differentials, registering insignificant changes after the incident. However, the depth of Bitcoin’s order book and Ethereum quickly recovered in a week, a development attributed to the BYBIT RPI orders.

RPI’s orders aim to improve liquidity exclusively for retail merchants. The characteristic is a unique subset of orders made by market manufacturers or institutional participants who are only open to retail merchants who manually interact with the Bybit user interface.

Bybit introduced RPI orders on February 17, a few days before hack. Then, while the market tried to recover from the incident, there was a good depth of orders books, deep liquidity groups and more strict differential for retailers in Bybit.