{"id":11187,"date":"2025-02-04T06:02:41","date_gmt":"2025-02-04T06:02:41","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=11187"},"modified":"2025-02-04T06:02:41","modified_gmt":"2025-02-04T06:02:41","slug":"a-lot-more-than-2b-bybit-ceo-shares-real-crypto-market-liquidation-estimate","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=11187","title":{"rendered":"\u2018A Lot More Than $2B\u2019: Bybit CEO Shares \u2018Real\u2019 Crypto Market Liquidation Estimate"},"content":{"rendered":"
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Over the weekend, the crypto market experienced its largest correction in months, reportedly fueled by the new US tariffs on Canada, Mexico, and China. The market closed the first two days of February in red, with a 21% retrace from Friday\u2019s highs.<\/p>\n

The news also ignited a massive leverage liquidation worth billions of dollars. Despite the initial estimates suggesting a lower number, Bybit\u2019s CEO revealed that the total market\u2019s crypto liquidation could be significantly higher than the $2 billion reported.<\/p>\n

Crypto Market Sees 21% Weekend Retrace<\/h2>\n

As February began, US President Donald Trump announced new tariffs on his three largest trading partners: Canada, Mexico, and China. According to the report, Trump is implementing<\/a> an additional 25% tariff on imports from the two neighboring countries, and 10% on China\u2019s imports.<\/p>\n

After the news, the crypto market started to freefall from its Friday highs, with Bitcoin (BTC) falling 12.5% over the weekend to $91,000. The rest of the market followed BTC\u2019s lead, with the second-largest cryptocurrency by market capitalization, Ethereum (ETH), dropping over 35% to $2,100, its lowest price since September.<\/p>\n

As the fear of a global tariff war increased, most altcoins fell to monthly lows, momentarily retracing to their pre-December breakout range. As a result, the total crypto market capitalization plunged 21% over the weekend, its largest correction since August 2024\u2019s \u201cRed Monday.\u201d<\/p>\n

A recent report from Nansen noted<\/a> that the crypto market seems to be \u201csatiated with good news for now,\u201d making it more \u201creactive to negative sentiment than positive news,\u201d as seen with last week\u2019s DeepSeek-triggered correction.<\/p>\n

The weekend market crash also prompted massive leverage liquidations, with initial reports estimating over $2 billion. The record number represents a larger single-day crash than the COVID-19 and FTX collapse.<\/p>\n

CoinGlass data shows that \u201cIn the past 24 hours, 743,002 traders were liquidated, the total liquidations come in at $2.30 billion,\u201d with Ethereum\u2019s $637 million liquidations taking the lead.<\/p>\n

\"crypto\"<\/p>\n

Liquidations Higher Than Expected<\/h2>\n

On Monday morning, Bytbit\u2019s co-founder and CEO Ben Zhou shared<\/a> some insight on the total value of the recent crypto liquidations. In an X post, Zhou stated that the \u201creal\u201d total number is \u201ca lot more than $2 billion.\u201d<\/p>\n

According to his estimation, Bybit\u2019s 24-hour liquidation was around $2.1 billion, a 530% increase from the $333 million recorded in CoinGlass. Zhou explained that due to limitations in the application programming interfaces (API), CoinGlass didn\u2019t register all the liquidations.<\/p>\n

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FYI, Bybit 24hr liquidation alone was $2.1B, As you can see in below screenshot, Bybit 24hr liquidations recorded on Coinglass was around $333m, however, this is not all of the liquidations. We have api limitation on how much feeds are pushed out per second.<\/p>\n<\/blockquote>\n

The crypto exchange\u2019s CEO considers<\/a> that other exchanges are likely experiencing the same limited liquidation data, which would potentially increase the total value from the $2.3 billion recorded anywhere between $8 billion to $10 billion.<\/p>\n

Based on this limit, some users asked about the potential discrepancy between the real liquidation value from the FTX collapse<\/a>. Zhou detailed that he estimates this figure to be \u201cat least 4-6 times of what was reported basically.\u201d<\/p>\n

Ultimately, he pledged to be more transparent in the future, promising that \u201cMoving forward, Bybit will start to PUSH all liquidation data.\u201d<\/p>\n

\"crypto,<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Over the weekend, the crypto market experienced its largest correction in months, reportedly fueled by the new US tariffs on Canada, Mexico, and China. The market closed the first two days of February in red, with a 21% retrace from Friday\u2019s highs. The news also ignited a massive leverage liquidation worth billions of dollars. Despite […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-11187","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/11187","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11187"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/11187\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11187"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11187"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11187"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}