Bybit and Bitget see crypto deposits surge following Binance’s $6.3 billion hack
Bybit and Bitget recorded larger address counts during the shutdown, but the data do not establish Binance customer migration. Read the full story on CryptoSlateUnderstand the crypto stories that matter and what to watch next. Get The Catalyst in your inbox
Rival crypto exchanges, including Bybit and Bitget, saw a surge in deposit activity following Binance's Oct. 29 hack.
The increase coincided with Binance's nearly three-day withdrawal suspension after hackers stole approximately $6.3 billion from the world's largest crypto exchange, disrupting customers' ability to move funds to competing platforms.
According to blockchain analytics firm Bitquery, the number of addresses depositing funds into Bybit's Ethereum wallets jumped 142% to 31,539 between Oct. 29 and Nov. 1, compared with 13,038 during the equivalent period a week earlier.
The exchange received approximately $239 million in Ethereum stablecoin deposits, up from $95 million, while its TRON depositing addresses increased 71% to 68,192. The median Ethereum deposit also fell to roughly one-third of its previous level, suggesting more activity from smaller wallets.
Bitget saw a similar surge on TRON, with depositing addresses up 130% to 10,274. Its USDT inflows increased to $87 million from $66 million during the comparable period.
OKX also attracted substantially more funds, recording $432 million in Ethereum stablecoin deposits, nearly three times the previous week's $155 million. Its TRON inflows climbed to $528 million from $357 million, although the number of depositing addresses on that network remained relatively unchanged.
Coinbase, meanwhile, recorded a more modest 17% increase in Ethereum depositing addresses to 12,327. That was only 2% above its level two weeks earlier, a variation Bitquery considered within its normal range.
The divergence suggests that offshore exchanges competing more directly with Binance experienced stronger activity during the disruption.