Crypto Catastrophe: Bybit CEO Claims Liquidation Losses Are Far Worse Than We Thought!

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Ah, the illustrious Ben Zhou, the CEO of Bybit, has graced us with his estimations regarding the ongoing crypto market liquidation event. It appears that the calamity may be far grander than the mere $2 billion that has been bandied about like a cheap party favor. 🎉

According to the ever-reliable CoinGlass, a staggering $2 billion in digital liquidations transpired in a mere 24 hours on that fateful Monday, February 3rd. This, dear reader, marks the most monumental liquidation event in the annals of crypto history. One can only imagine the collective gasp of disbelief! 😱

Yet, our dear analysts, with their calculators and spreadsheets, have estimated that the true figure may have exceeded $2.2 billion, thus surpassing even the infamous COVID crash and the FTX debacle—two events that have left many a crypto enthusiast clutching their pearls in horror.

But wait! Zhou, in his infinite wisdom, suggests that these figures may be but a mere shadow of the truth, as they are likely underreported due to the limitations imposed by APIs. How quaint! It seems that Bybit, in its benevolence, restricts the amount of data that flows to aggregators like CoinGlass. One can only wonder if other platforms are similarly afflicted. 🧐

In a moment of candor, Zhou revealed that Bybit alone accounted for a staggering $2.1 billion in losses, which represents over 85% of the total reported figures. “I am afraid that today’s real total liquidation is a lot more than $2 billion. By my estimation, it should be at least $8 billion to $10 billion,” he proclaimed, as if he were a modern-day oracle. 🔮

In the wake of Zhou’s revelations, the crypto community erupted into a cacophony of debate regarding the accuracy of these reported figures. Some even speculated that previous liquidation events, such as the COVID crash and the FTX collapse, may have also been victims of underreporting. How scandalous! 😏

Looking to the horizon, Zhou has pledged that Bybit shall henceforth share all liquidation data with the public. “We believe in transparency,” he declared, as digital assets writhed in agony from a massive leverage flush. One can only hope that this newfound transparency will not be as elusive as a mirage in the desert. 🌵

“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

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2025-02-03 16:58