The recent correction in the crypto market has led to substantial liquidations. Let's explore the data and market participants' comments.
Overview of Liquidations
According to Coinglass, over $2.24 billion was liquidated from the crypto markets in just 24 hours on February 3. Such substantial liquidations reflect the ongoing volatility in the crypto market.
Statement from Bybit Co-founder
Bybit’s co-founder expressed skepticism about the reported figures, suggesting the real liquidation amount is between $8 and $10 billion. 'Bybit’s 24hr liquidation alone was $2.1 billion,' Zhou noted in his statement.
Factors Influencing the Figures
Bybit suggests that limitations in cryptocurrency exchanges' APIs might be causing the discrepancies, with Coinglass reporting Bybit's liquidations as $333 million instead of $2.1 billion. Zhou announced that going forward, Bybit will release all liquidation data for transparency.
The discussion about the true scale of liquidations in the crypto market highlights the importance of reliable data. Greater transparency from exchanges can be expected in the future.
