Bybit Reclaims Market Share in 2025 After $1.5B Ethereum Cold‑wallet Hack
Bybit recovered significant market share in 2025 after a February cold‑wallet breach that reportedly stole about $1.5 billion worth of Ether. CoinGecko data show Bybit processed roughly $1.5 trillion in trading volume during 2025 and finished the year with around 8% of global centralized‑exchange market share, placing it second by volume. Key drivers of the rebound were Bybit keeping withdrawals open, publicly committing to honor user balances, rapid executive communication (CEO Ben Zhou), and arranging external liquidity support. Multiple sources attributed the theft to North Korean‑linked actors, making it one of the largest crypto hacks on record. Industry‑wide, six of the top 10 exchanges grew annual volumes in 2025, adding about $1.3 trillion in extra trades; Binance remained the largest with an estimated $7.3 trillion, while MEXC led growth (about 91%) driven by zero‑fee spot promotions. For traders, the report underscores that solvency, transparent crisis communication and liquidity management can preserve user confidence and trading flows after major security incidents. Traders should watch Bybit order‑book depth, funding rates and withdrawal policies for renewed activity, monitor fee promotions (notably MEXC) for shifting liquidity, and track ongoing security and regulatory narratives that can quickly affect ETH flows and token prices.
Neutral
The immediate price impact on ETH is likely neutral. Although the $1.5B Ether theft is a large negative shock and raises short‑term selling or routing risk, Bybit’s rapid crisis response—keeping withdrawals open, honoring balances, securing external liquidity and transparent communication—reduced panic and preserved trading flows. CoinGecko’s data showing Bybit regained ~8% market share and processed ~$1.5T in 2025 suggests liquidity returned and order‑book depth recovered, limiting prolonged downward pressure on ETH. Short term: heightened monitoring, potential temporary volatility and localized selling pressure on ETH as addresses linked to the hack move funds. Mid‑to‑long term: if exchanges demonstrate solvency and maintain user confidence, market structure and demand for ETH are less likely to suffer lasting damage. Other factors—promotions and fee changes at competitors (e.g., MEXC), broader bullish crypto price action, and regulatory developments—could offset or amplify moves, but the net effect on ETH prices from this specific event appears neither clearly bullish nor bearish.