Bybit CEO Ben Jhou suggested that the occurrence of ongoing crypto market liquidation can be much larger than the report.
According to coinglass data, Monday, more than $ 2 billion in digital liquidation in 24 hours on 3 February, mark the single largest liquidation phenomenon in Crypto history.
Several analysts estimate that the liquidation exceeded $ 2.2 billion, which exceeds the Kovid crash and FTX collapse, which is two of the most important liquidity events ever.
Nevertheless, Jhou said that the number of API limits could be reduced. According to the co-founder of the baibit, the Crypto Exchange limits how much data is pushed to aggregators such as coinglasses. The possibility of other platforms uses a uniform capped system, Zou said through X.
Jhou estimated that the liquidation on the baibit alone is at a loss of $ 2.1 billion, which represents more than 85% of the total reported data. “I am afraid that today’s actual total liquidation is more than $ 2 billion. From my estimate, it should be at least $ 8 billion to $ 10 billion, ”Johu said.
Following Jhou’s comments, members of the Crypto community debated the accuracy of the reported data. Some people speculated that the incidence of previous liquidation, such as the Kovid crash and FTX collapse, could also decrease.
Looking forward, Zhou pledged that bybit would start sharing all liquidity data with the public. “We believe in transparency,” he said, because digital property left a massive lenses from a large scale flush.
