Bybit CEO Estimates Crypto Market Liquidations Likely Reached $10B
Recently, the recent crypto market correction has triggered a large -scale liquidation in the market. According to Coinglass’s data, more than $ 2.24 billion was liquidated from the cryptocurrency market within 24 hours on February 3.
However, the co -founder of Bybit believes that the real number may be five times larger. In the recent X post, the real total clearing a large number of more than 2 billion US dollars, his estimation should be at least about 80,000 to $ 800 million.
I am afraid that today real total liquidation is a lot more than $2B, by my estimation it should be at least around $8-10b. FYI, Bybit 24hr liquidation alone was $2.1B, As you can see in below screenshot, Bybit 24hr liquidations recorded on Coinglass was around $333m, however,… https://t.co/4WLkPxTYF4 pic.twitter.com/woTOHQvNkt
— Ben Zhou (@benbybit) February 3, 2025
Zhou said: “By Bid’s 24 -hour liquidation is $ 2.1 billion.”
It is worth noting that the collapse of billions of dollars in the cryptocurrency market is in the context of increasing concerns about the global trade war. Subsequently, President Donald Trump signed an administrative order Import tariffs on products in China, Canada and Mexico are based on the White House on February 1.
He further pointed out that the difference in crypto clearing numbers may be caused by the limitations of application programming interface (API) in cryptocurrency exchange.
He pointed out that this has led to a platform that reports a platform such as Coinglass to report Bybit’s liquidation of US $ 333 million, not the actual $ 2.1 billion. “In the future, Bybit will start to release all liquidation data. We are committed to transparent,” he added.
