Following the hack on February 21, 2025, Ethereum reserves on Bybit began to recover. By February 23, 2025, the reserves rose above 200,000 ETH, indicating stabilization.
Ethereum Reserves Rebound on Bybit
Before the hack, Bybit had 443,691 ETH. One hour after the event, reserves dropped to 39,692 ETH. However, by February 23, reserves rose above 200,000 ETH, indicating active efforts to restore liquidity on the platform.
Market Sentiment Post-Hack
Ethereum Netflow data shows mass withdrawals caused by panic on February 21, 2025. However, by February 23, inflows stabilized, offsetting previous outflows. The negative funding rate signaled increased selling pressure due to market uncertainty.
Institutional Activity in Ethereum
The CME Ethereum Futures open interest data indicates rising institutional activity, reaching $3.26 billion on February 24, 2025, reflecting increased speculative activity while Ethereum prices hovered around $2,819.69.
Despite the recovery of Ethereum reserves and netflows on Bybit, institutional traders remain cautious, balancing recovery optimism with volatility risks.
