Post #1471

A week after the largest Bybit hack, open interest on Bybit's Ethereum perpetual contracts plummeted from $3.3 billion to $1.8 billion. Coupled with the simultaneous drop in Ethereum's price, open interest further declined to a cyclical low of $1.5 billion in early April, the lowest since February 2024. However, since hitting that low, the market has shown a steady recovery, with open interest jumping to $3.9 billion, well above pre-hack levels.