Bybit CEO Ben Zhou Predicts Crypto Liquidations Could Be 5 Times Worse Than the Reported $2 Billion

2025/02/04 18:33

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Crypto Liquidations May Be Far Higher Than Reported, Warns Bybit CEO

Crypto market liquidations have reached alarming levels, with Bybit’s CEO Ben Zhou warning that the true figure could be as high as $10 billion, a staggering increase from the $2 billion widely reported.

Zhou’s comments came in response to the fallout from US tariffs on Canada and Mexico, which contributed to a sharp downturn in the crypto market.

This marks one of the most significant liquidations in crypto history, surpassing even previous major events like the COVID-19 crash and the FTX collapse.

Zhou Estimates Losses Much Greater Than Official Figures

While official reports indicated $2 billion in liquidations, Zhou firmly disagreed, stating,

“I am afraid that today real total liquidation is a lot more than $2B, by my estimation it should be at least around $8-10b.”

Bybit alone accounted for over $2.1 billion of that amount, he revealed.

Zhou also pointed out a crucial issue with liquidation data reporting.

Exchanges like Bybit restrict how much data is shared with aggregation platforms like CoinGlass.

Due to these limitations, only a fraction of the real data makes it into public records.

I am afraid that today real total liquidation is a lot more than $2B, by my estimation it should be at least around $8-10b. 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,… https://t.co/4WLkPxTYF4 pic.twitter.com/woTOHQvNkt
— Ben Zhou (@benbybit) February 3, 2025

API Limitations Cause Discrepancies in Liquidation Data

Zhou elaborated on how platforms like Bybit limit the amount of liquidation data sent out through APIs, preventing aggregators from reporting the full picture.

He explained that, due to API restrictions, CoinGlass recorded only about $333 million of Bybit’s total $2.1 billion in liquidations.

The discrepancy, according to Zhou, suggests that the real losses “should be at least 4-6 times” of the reported numbers.

need to dig out this data, but should be at least 4-6 times of what was reported basically.
— Ben Zhou (@benbybit) February 3, 2025

This situation mirrors the aftermath of the 2022 FTX collapse, where the reported liquidation figures were vastly lower than the actual losses.

Zhou noted that the market’s response to current events may similarly be underestimating the full scope of the crisis.

Tariffs and AI Impacts Amplify Crypto Crisis

While the liquidation event itself was significant, Zhou attributed the downturn to a combination of factors, including DeepSeek, a Chinese AI project that negatively affected US tech stocks, and the tariffs imposed by President Trump on Canada and Mexico.

These combined forces resulted in a serious blow to the already fragile crypto market, triggering widespread liquidations across several major cryptocurrencies.

Bybit Pledges Increased Transparency Moving Forward

Moving forward, Zhou emphasised Bybit’s commitment to increasing transparency.

He announced that Bybit would begin sharing more accurate, real-time liquidation data to the public.

To reinforce the importance of a clearer picture of the market’s health, especially during such volatile times, Zhou stated,

“We believe in transparency.”

Crypto Market Faces Potential Deeper Crisis

If Zhou’s estimation is accurate, the total liquidation figure could be far higher than what has been publicly acknowledged.

As other major platforms like FTX have shown, reported data can vastly understate the severity of liquidation events.

With Bitcoin, Solana, and Ethereum all experiencing steep drops, the crypto market is facing a potential deeper crisis.

🚨MARKET UPDATE🩸

$2B liquidated in 24H, even surpassing the FTX collapse & COVID crash pic.twitter.com/AVGdPMzNXt
— Solana Daily (@solana_daily) February 3, 2025

However, many investors still view these market fluctuations as a buying opportunity, given crypto’s long-term growth potential.

As the crypto space grapples with a turbulent market, the need for more transparent and accurate data has never been more pressing.

Bybit

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Bybit CEO Ben Zhou Predicts Crypto Liquidations Could Be 5 Times Worse Than the Reported $2 Billion

Crypto Liquidations May Be Far Higher Than Reported, Warns Bybit CEO

Zhou Estimates Losses Much Greater Than Official Figures

API Limitations Cause Discrepancies in Liquidation Data

Tariffs and AI Impacts Amplify Crypto Crisis

Bybit Pledges Increased Transparency Moving Forward

Crypto Market Faces Potential Deeper Crisis

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