- Recent crypto liquidations could have hit $8B-$10B, nearly 5x more than initially reported
- Bybit’s CEO has pledged to give full access to liquidation data for greater transparency
In a delightful twist of fate befitting an absurd drama, Ben Zhou, Co-founder and CEO of Bybit, announced that the estimated market-wide liquidation on the scorching day of February 3rd might amount to a staggering $8B-$10B. This is a comic exaggeration—4-5 times what the eager beavers at Coinglass had reported initially. Talk about understatements!
Zhou elucidated that, much like the secretive nature of a cat in a room full of rocking chairs, most exchanges, including Bybit, shroud their liquidation data from the scrutinizing eyes of Coinglass.
Yet, as if responding to the anguished wails of investors, he vowed to unveil the full access to all liquidation data, a necessary gesture after several top traders found themselves in desperate straits following the recent liquidation landslide. He noted,
“I am afraid that today’s 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. Bybit will start to push all liquidation data. We believe in transparency.”
The Grand Crypto Liquidation Caper – Will Binance Take a Page from Bybit’s Playbook?
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For those blissfully unaware, liquidations occur when the collateral of traders plummets below required margins in levered markets (essentially playing with borrowed cash). In more civilized realms of finance, traders receive courteous margin calls to avert impending doom.
However, in the wild west of crypto, exchanges shoot first and ask questions later—triggering forced liquidations at the slightest hint of risk. And oh, how it has ravaged traders, laying them bare with astounding losses, akin to a shipwreck on a desolate shore. The infamous tale of one Hanwe Chang, who lost his entire fortune on that fateful day, became a cautionary legend.
Meanwhile, a fellow crypto sage, Tyler Durden, echoed the laments of the fallen, remarking that he was acquainted with some of the unfortunate eight-figure traders who were swept away by this cascading calamity.
Durden imparted a sage warning for aspiring traders: restrict risks to a meager 1-2% margin in trading, or better yet, simply eschew the thrill of gambling and stack up those SATs with grace and humility. He proclaimed,
“A few 8-figure traders blown up yesterday that I know of. 1-2% risk. Slow and steady wins the race. Or just stack sats and stay humble.”
Alas, the illustrious current CEO of Binance, Richard Teng, did not grace the public with a direct response to Coinglass’s entreaty for full transparency. Instead, he proffered a rather optimistic assertion that market volatility shall wane as the market matures, akin to believing a child will grow out of their tantrums.
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2025-02-05 10:18