According to Miles Deutscher, since the ByBit hack, there has been an 11% reduction in market open interest, decreasing from $65.8 billion to $58.9 billion, highlighting a significant contraction in the market. Additionally, ByBit has made a strategic purchase of 34,743 ETH, indicating a possible move to strengthen its position in Ethereum despite the recent hack (source: Miles Deutscher's Twitter, February 24, 2025).