Key Points
- After the 21st February 2025 hack, Bybit’s Ethereum reserves have shown signs of recovery.
- Ethereum Netflows, Funding Rates, and CME Futures Open Interest provide insights into post-hack market sentiment.
After the hack on the 21st February 2025, Ethereum reserves on Bybit have started to recover.
By the 23rd of February 2025, Bybit’s Ethereum reserves rose above 200,000 ETH, bouncing back from a significant drop.
Ethereum Reserves Rebound on Bybit
Before the hack, Bybit had 443,691 ETH. One hour after the event, reserves dropped to 39,692 ETH, showing immediate outflows.
However, by the 23rd of February, reserves had risen above 200,000 ETH, indicating a steady recovery.
This recovery suggests that Bybit has been actively replenishing its Ethereum holdings to meet liquidity demands and restore market confidence.
Market Sentiment Post-Hack
The Ethereum Netflow data further supports the idea of market stabilization. On the 21st of February 2025, Bybit’s Netflow chart fell to -6.6K ETH, showing mass panic selling and withdrawals after the hack.
However, by the 23rd of February, the Netflow stabilized, with inflows increasing to offset previous outflows.
This rebound mirrors the exchange reserve recovery, suggesting that Bybit is actively working to restore Ethereum levels and maintain liquidity.
The Funding Rate of Ethereum signaled increased selling pressure, as it turned negative after the hack.
This shift suggests fear-driven trading behavior, with sellers aggressively shorting Ethereum in response to the uncertainty.
The CME Ethereum Futures OI chart provides insights into institutional sentiment. OI peaked at $3.26B on the 24th of February 2025, indicating rising speculative activity as Ethereum prices hovered around $2,819.69.
This surge suggests that institutional traders are strategically positioning themselves, potentially hedging against further downside risks.
While Bybit’s Ethereum reserves and netflows have recovered, institutional traders remain cautious, balancing recovery optimism with volatility risks.
