Bybit CEO estimates crypto wipeout crossed $8b, more than $2b reported

The CEO of Bybit, Ben Zhou, suggested that the crypto-market liquidation event could be significantly larger than the widely reported report.

According to Coinglass data,, More than $ 2 billion in digital liquidations in 24 hours on Monday, February 3, marking the largest liquidation event in the history of cryptography.

Several analysts estimated that liquidations exceeded $ 2.2 billion, outdated The Crash Covid and the collapse of the FTX, two of the most important liquidation events ever recorded.

However, Zhou said that the figures could be under-decade due to the limits of the API. According to the co-founder of Bybit, the exchange of crypto limits the amount of data pushed to aggregators such as Coiinglass. Other platforms probably use a similar capped system, said Zhou via X.

Zhou estimated that liquidations on the appeal alone represented $ 2.1 billion in losses, which represents more than 85% of the total figures reported. “I fear that the total liquidation of today is much more than $ 2 billion. In my opinion, it should be at least 8 billion to $ 10 billion, “said Zhou.

Following Zhou’s comments, members of the cryptographic community discussed the accuracy of the reported figures. Some have hypothesized that previous liquidation events, such as the Crash Covid and the collapse of the FTX, may also have been under-declared.

For the future, Zhou has promised that Bybit would begin to share all the liquidation data with the public. “We believe in transparency,” he said, while digital assets took place in a massive lever effect.