On December 22, 2025, Bybit’s 24-hour spot trading volume surged past $9 billion, surpassing Binance to become the top spot trading platform. This capped a week of explosive growth from $2.2 billion on December 16. Following the historic hack, Bybit demonstrated strong crisis management. Its Bitcoin liquidity recovered to pre-attack levels within 30 days, and total exchange assets rebounded from a $3 billion drop to reach a record high of $29.3 billion by October.
Global registered users grew nearly 60% in a year, from 50 million to over 79 million. The platform expanded beyond derivatives into a comprehensive hub covering spot, derivatives, Web3, and institutional services. Institutional assets under management grew fivefold in Q4. Bybit captured on-chain opportunities with products like Byreal on Solana, which saw over $1 billion in volume within 10 weeks.
It also secured key regulatory licenses (EU MiCA, UAE) and returned to the UK market. Aggressive marketing campaigns, such as the “7UpBybit” anniversary event with a $2.5 million prize pool and high-value token launch collaborations (e.g., with NIGHT), drove significant user activity and trading volume increases during a generally sluggish market. In February of this year, Bybit’s start was nothing short of “hell mode,” as it unexpectedly suffered the largest single hack in crypto history, with a staggering $1.46 billion stolen. This massive black swan event did not break Bybit; instead, it demonstrated remarkable resilience with textbook-level crisis management.
According to a report released by Kaiko, Bybit’s recovery speed after the hack exceeded industry expectations. The report indicates that Bybit’s Bitcoin liquidity recovered to approximately $13 million per day within 30 days of the security incident, completely erasing the liquidity gap caused by the attack. Regarding exchange assets, following the hack, a large amount of funds withdrew from the exchange in a short period due to panic, causing Bybit’s exchange assets to drop by $3 billion, from $16.9 billion to around $13 billion. However, within just one month, Bybit’s funds returned to pre-attack levels.
By March 25, Bybit’s exchange assets had rebounded to over $15.3 billion. It successfully surpassed pre-attack levels in May and reached a record high of $29.3 billion in October. A sustained “warm offensive” translates into real economic growth. Exploring the underlying reasons for Bybit’s growth, in addition to the strengthened security foundation, the most significant driver behind its recent surge in activity amidst the current sluggish crypto market is its high-intensity incentive activities.
To celebrate its seventh anniversary, Bybit launched the “7UpBybit” campaign, with a total prize pool of $2.5 million. On December 22nd, official Bybit data showed that $230,000 in rewards had been distributed within 24 hours. This incentive has directly contributed to Bybit becoming one of the most active exchanges in terms of user activity recently. Deep collaborations with new projects (such as Airdrop+ exclusive trading rewards) have also brought significant incremental growth.
For example, with NIGHT, launched on December 9th, Bybit introduced a dual Token Splash campaign with a total prize pool of 200 million NIGHT tokens (worth several million US dollars). New users who deposit funds can share 80 million tokens as rewards, with the first 32,000 users receiving an average of 2,500 tokens (worth approximately $250). The remaining 120 million tokens are awarded through trading volume exceeding $500, with the highest share reaching 200,000 NIGHT tokens (worth approximately $20,000). Such reward amounts have a significant incentive effect on ordinary retail investors; as of December 22nd, 64,000 users had participated in the campaign.
Meanwhile, such activities also significantly boosted Bybit’s trading volume. On December 22, NIGHT’s total trading volume across the network exceeded $9.2 billion, of which Bybit’s single-day trading volume reached $7.1 billion, accounting for more than 77% of the total network trading volume, making it the main liquidity platform for NIGHT trading. Of course, Bybit’s recent ecosystem stimulus doesn’t stop there. A series of promotions are also planned for Christmas, including rewards for spending with Bybit Card or Bybit Pay, and generous Bybit Earn rewards.
Strategically, when the market is at its most sluggish, most platforms choose to retreat and defend, making Bybit’s substantial financial subsidies the most effective way to acquire customers. Looking back on Bybit’s seventh year, from the darkest moment at the beginning of the year to the triumphant return at the end, this is undoubtedly the most dramatic “Comeback Story” in the crypto industry, and a watershed moment in Bybit’s development history. This fluctuating data may be Bybit’s most effective way of showing off. On December 22, 2025, Bybit’s 24-hour spot trading volume surged past $9 billion, overtaking Binance to become the top spot trading platform, capping a week of explosive growth from $2.2 billion on December 16.
This milestone underscores Bybit’s renewed momentum in the competitive crypto exchange landscape. Following the historic hack, Bybit demonstrated robust crisis management, with Bitcoin liquidity recovering to pre-attack levels within 30 days and total exchange assets rebounding from a $3 billion drop to reach a record high of $29.3 billion by October. The recovery consolidated Bybit’s position and reinforced confidence among users and institutions alike. The platform also delivered significant user and business growth, expanding beyond derivatives into a comprehensive hub covering spot, derivatives, Web3, and institutional services.
Global registered users rose nearly 60% in a year to over 79 million, while institutional assets under management grew fivefold in Q4. On-chain opportunities with products like Byreal on Solana and key regulatory licenses (EU MiCA, UAE) aided expansion, including a return to the UK market. Growth drivers included aggressive marketing campaigns such as the 7UpBybit anniversary event with a $2.5 million prize pool and high-value token launch collaborations (e.g., with NIGHT). Bybit’s efforts boosted user activity and trading volume during a sluggish market, culminating in record network activity around NIGHT with Bybit handling the majority of liquidity.
As of December 22, NIGHT’s network trading volume exceeded $9.2 billion, with Bybit’s single-day volume at $7.1 billion, accounting for over 77% of the total network trading volume. Official data also showed $230,000 in rewards distributed within 24 hours for the 7UpBybit promotion, contributing to Bybit’s status as a leading active exchange. Looking ahead, Christmas promotions, Bybit Card, Bybit Pay, and Bybit Earn rewards are planned to sustain momentum.
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