Bybit Doubles Market Share Post-Hack, Boosted by Retail Liquidity

Just weeks after suffering what’s now considered the biggest crypto hack in history, Bybit is quietly clawing back ground—fueled largely by renewed retail participation.

The platform, which lost an estimated $1.6 billion in the breach, saw its market share plunge from 10% in January 2025 to just 4% in the immediate aftermath. But according to a new research report from analytics firm Block Scholes—commissioned by Bybit—the exchange’s recovery has been faster and more stable than many expected. Within weeks, Bybit’s market share had rebounded to 7%, while core trading activity and order book depth began to normalize.

Interestingly, despite the initial crash in volumes, spreads across major tokens like BTC and ETH remained surprisingly tight. That’s typically a sign that market makers didn’t abandon ship—an encouraging signal for any exchange facing a crisis of confidence. According to Block Scholes, bid-ask spreads held firm even when volumes dipped, suggesting market participants continued to find value in sticking around.

One factor credited for helping Bybit regain its footing is its strategic pivot toward retail traders. In particular, the launch of RPI—or Retail Price Improvement—orders appears to have played a pivotal role. These are exclusive to app-based, individual traders—not accessible to institutions or bots—and were designed to give everyday users more favorable execution prices.

That retail-first approach is showing early signs of success. The exchange’s “3-stall liquidity” metric, which measures the density of orders near the current market price, was notably stronger for RPI orders than for standard ones. In plain terms: retail traders using Bybit’s app were getting tighter spreads and deeper markets—key ingredients for building back trust.

The report positions RPI orders not just as a feature, but as a foundation for Bybit’s longer-term strategy to reclaim lost market share. While there’s still a long road ahead, the data suggests the platform is stabilizing faster than anticipated—and retail traders are leading the charge.