Bybit's $357M 24h Volume: A Flow Recovery Post-$1.4B Hack

The scale of Bybit's recovery is stark. After a major security incident, the exchange clawed its way back to become the second-largest spot trading venue. In December 2025, it posted $90.0 billion in volume, reclaiming its top-tier position with a 9.5% market share. This figure represents a 9.5% slice of the total market, down from a high of 10.8% the prior month, but still a major flow center.

That rebound came after a sharp disruption. The exchange's volume fell -16.7% month-on-month from November's $108.1 billion. This drop is a direct flow impact from the hack, showing how quickly a security event can drain liquidity and trading activity from a platform. The recovery to $90 billion in December signals a partial return of that lost volume.

Crucially, Bybit maintains a perfect operational scale. It holds a 10/10 Trust Score, indicating strong liquidity and cybersecurity fundamentals. This high score suggests the underlying infrastructure and user confidence remained intact, allowing the exchange to rebuild its trading flow once the immediate post-hack turbulence subsided.

The $1.4 Billion Hack: A Flow Disruption Event

The Bybit hack was a historic liquidity shock. In February 2025, the exchange suffered the largest known loot of crypto of all time, with hackers stealing approximately $1.4 billion. This event was attributed to North Korean government hackers, a group that stole a total of $2.02 billion in 2025, making it the most prolific cybercriminal collective in the sector.

The immediate flow impact was severe. The security breach triggered a sharp 16.7% month-on-month drop in Bybit's spot trading volume, from $108.1 billion in November to $90.0 billion in December. This decline is a direct measure of how quickly a major security incident can drain liquidity and trading activity from a platform, as users and capital flee in the aftermath.

The hack's scale also underscores the vulnerability of even the largest exchanges. Bybit's $1.4 billion loss accounted for a massive portion of the year's total thefts, which reached $2.7 billion. This single event highlights the systemic risk posed by sophisticated, state-backed actors targeting centralized infrastructure, a threat that can abruptly disrupt the flow of billions in daily trading volume.

Current Flow Metrics and Systemic Risk

Bybit's current flow activity is a fraction of its peak. The exchange's 24-hour trading volume sits at $357.1 million, a level that reflects a platform still rebuilding after its massive security breach. This figure is a key metric for assessing its present liquidity and user engagement, showing a significant distance from the $90 billion monthly volume it achieved in December 2025.

The exchange's financial buffer provides a critical safety net. Bybit holds $48.6 billion in reserves, a massive operational cushion that helps absorb shocks and maintain trust. This deep capitalization is a direct factor in its maintained 10/10 Trust Score, signaling to users that the platform's liquidity and security fundamentals remain robust despite the recent hack.

Yet the broader ecosystem faces a persistent threat. The crypto sector saw $370.3 million in thefts in January 2026, the highest monthly total in 11 months. This surge, driven by phishing scams and on-chain exploits, shows systemic risk remains elevated. For Bybit and all exchanges, this high theft rate is a constant vulnerability that threatens the sustainability of recovered trading flow.

Catalysts and Risks for Flow Sustainability

The key catalyst for Bybit's future flow is its 2026 "New Financial Platform" vision. This strategic expansion aims to move beyond crypto trading into a unified financial ecosystem, targeting the 1.4 billion underbanked people globally. By launching services like MyBank for cross-border banking and integrating crypto liquidity with fiat rails, the platform seeks to dramatically expand its user base. This could provide a powerful, long-term driver for sustained trading volume by attracting new capital into the system.

The primary threat to this recovery is a loss of user trust. The exchange's 10/10 Trust Score is a critical asset, but it is built on the perception of security and operational integrity. Any future incident, no matter how minor, could erode this hard-earned confidence and trigger a reversal of the recent volume rebound. Transparency and flawless execution will be paramount to maintaining this trust pillar.

Systemic risk remains a constant vulnerability for all exchanges. The broader ecosystem saw $370.3 million in thefts in January 2026, the highest monthly total in 11 months. This elevated threat landscape, driven by phishing scams and on-chain exploits, creates a background risk that can destabilize user sentiment and capital flows across the board. For Bybit, this means its flow sustainability is not just an internal matter but is also exposed to external security shocks.

The implication is clear: trust and systemic security are the twin pillars for sustaining recovered flow. Bybit's ambitious platform expansion offers a growth catalyst, but its ability to convert that vision into lasting volume depends entirely on its capacity to manage internal trust and navigate the persistent, high-level threat of crypto theft.