Bybit firm chief Ben Zhou believes the ongoing crypto market liquidation passes $2.2billion in losses. Zhou said the real losses from crypto trading platform liquidations will be $8 billion to $10 billion because exchanges place restrictions on available trading data such as Bybit.
On February 3 CoinGlass revealed that $2 billion worth of digital assets got liquidated across 24 hours which became the largest crypto market liquidation event ever. The most recent market crash has surpassed both the COVID-19 downturn and FTX’s demise which ranked high in previous sell-offs.
Bybit Processed $2.1 Billion
According to Zhou the actual amount of liquidations which Bybit processed exceeded $2.1 billion which would represent more than 85 percent of all reported liquidations by a wide margin. Bybit controls API data access so broadly that aggregators like CoinGlass cannot receive accurate figures from the platform according to his X statement.
The data restrictions placed by Bybit on its API share prevent aggregators from seeing all the liquidation details properly. He concluded that his numbers showed liquidation value would reach above $8 billion.
Zhou’s remarks led crypto users to doubt if other market crashes got underscored since 2020 because the data tracking systems remained limited. Public concerns about market event measurements in cryptocurrencies make people doubt the quality of available data.
To make the data more accessible to all customers Zhou pledged Bybit would release complete liquidation information in future reports. Our exchange will now release every single liquidation record to enable market participants with complete knowledge of upcoming events. Zhou emphasized the need for full market transparency when he spoke about his beliefs.
The cryptocurrency market requires better data transparency after its significant leverage problem because market participants want accurate reporting to avoid future confusion.
need to dig out this data, but should be at least 4-6 times of what was reported basically.
— Ben Zhou (@benbybit) February 3, 2025
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