Binance, trading has returned but liquidity has not yet... Kaiko Research analyzes market depth after the hack
Original headline바이낸스, 거래는 돌아왔지만 유동성은 아직…카이코 리서치, 해킹 이후 시장 심도 분석
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Binance’s spot trading activity recovered after withdrawals resumed following its October 29 Ethereum hot-wallet hack, but Kaiko Research said market liquidity remains below pre-hack levels. In a November 5, 2026 report, Kaiko’s Thomas Probst said Binance’s spot volume share has rebounded while order books across major exchanges remain thin, making market depth the key gauge of normalization. Binance reported about $6.3 billion in losses from the hack, with roughly $3 billion frozen, about four times Bybit’s $1.5 billion hack in February 2025. The gap between recovering volumes and still-shallow liquidity matters because thin depth can amplify price moves and raise slippage for large trades. Next, watch whether market depth and order-book resilience return to pre-hack levels across major venues, not just Binance’s volume share.
Muhabbit's AI wrote this summary in its own words from TokenPost's report and translated it from Korean. It can get details wrong, so check the source.
Named in this story
Binance, Kaiko Research, Ethereum (ETH), Thomas Probst, Bybit
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