Bybit CEO Ben Zhou has suggested that the ongoing crypto market liquidation event may be significantly larger than widely reported.
According to CoinGlass data, over$ 2 billion in digital liquidations in 24 hours on Monday, Feb. 3, marking the single largest liquidation event in crypto history.
Several judges estimated liquidations exceeded$ 2.2 billion, surpassing the COVID crash and FTX collapse, two of the most significant liquidation events ever recorded.
Yet, Zhou said the figures may be underreported due to API limits. According to Bybit’sco-founder, the crypto exchange limits how important data is pushed to aggregators like CoinGlass. Other platforms likely use a analogous limited system, Zhou said via X.
Zhou estimated that liquidations on Bybit alone reckoned for$ 2.1 billion in losses, representing over 85 of the aggregate reported numbers. “ I'm hysterical that moment’s real total liquidation is a lot further than$ 2 billion. By my estimation, it should be at least$ 8 billion to$ 10 billion, ” Zhou said.
Following Zhou’s commentary, crypto community members batted the delicacy of the reported numbers. Some suspected that former liquidation events, similar as the COVID crash and the FTX collapse, may have also been underreported.
Looking ahead, Zhou pledged that Bybit would begin participating all liquidation data with the public. “ We believe in translucency, ” he stated, as digital means reeled from a massive influence flush.