03.02.2025 18:11
The CEO of the cryptocurrency exchange Bybit announced that liquidations reached $10 billion during the recent cryptocurrency market crash. $2.1 billion in liquidations occurred on Bybit within 24 hours, but it was noted that the actual losses were much higher.
Cryptocurrency markets are creating shockwaves with the recent correction. Bybit CEO Ben Zhou announced that $10 billion in capital has been liquidated. The $2.1 billion in Bybit liquidations over a 24-hour period also revealed significant discrepancies in market data. This occurred during a time frame that coincided with global trade concerns and macroeconomic uncertainty.
Historic Liquidation in Cryptocurrency Markets
The sharp decline in cryptocurrency markets on February 3 led to an unexpected level of capital loss. According to Bybit CEO Ben Zhou, the total liquidation amount in the markets reached $10 billion.
It was recorded that the liquidations on the Bybit platform in the last 24 hours amounted to $2.1 billion. Zhou stated in a post on the X platform that the actual liquidation figures were significantly higher than estimates, with total losses ranging between $8-10 billion.
Emphasizing that the real figures could not be fully reflected due to API limitations of data providers like CoinGlass, Zhou explained that the liquidation amount shown as $333 million for Bybit was actually $2.1 billion.
During this sharp decline, over 730,000 investors were affected, with the largest single liquidation transaction occurring on Binance at a value of $25.6 million in the ETH/BTC pair. On the other hand, some investors who took leveraged short positions during the decline in Ether made significant gains.
Zhou announced that Bybit would share all liquidation data in more detail moving forward to increase transparency in the market. These developments have sparked discussions in the crypto community about the possibility of similar incomplete data reporting during the COVID-19 and FTX crises.