By bit CEO says that the general liquidation may be $ 10 billion.

Ben Zhou, a bybit CEO, is trying to report that today's Crypto market is only $ 2 billion. Instead, Zhou suggested that the actual number was $ 8 billion to $ 10 billion.

Exchange CEO pointed out the internal data of Bybit and recorded $ 2.1 billion in platforms for the past 24 hours. This number is far beyond $ 333 million listed in Coinclass, suggesting a serious underlying report.

ZHOU has acknowledged that the replacement including Bybit imposes API restrictions that limit the frequency of data updates.

He promised to enhance transparency by confirming that Bybit advanced the complete liquidation record.

Data distortion

Zhou's statement matches Vetle Lunde, a research manager of K33 Research, and has argued that clearing data cannot be reliable since mid -2021.

He explained that important exchanges, including Binance, OKX, and Bybit, have implemented restrictions on WebSocket APIs and limit their liquidation reports to one second per second. This policy greatly underestimates the actual volume.

The liquidation occurs when the trader can no longer maintain the leverage dopping because the funds are insufficient. This is common in Crypto's unstable market, but today's wipeout is ranked largely in recent memories. It is beyond the liquidation caused by Terra/Luna's explosion and the collapse of FTX.

The liquidation data is an important indicator of risk trends, utilizing market emotions and exposure. However, some exchanges may prefer to unclear the entire area of ​​liquidation to maintain the trust of traders.

Lunde has argued that it can prevent users by clarifying the exact size of the loss, but the controlled report is to provide a strategic advantage.

In addition, a specific trading platform has a partner with investment companies that benefit from selective market data.

Lunde concluded:

“Based on the dominance of the amount of liquidation and the rule of the exchange of exchanges related to exchanges, hallucinations and guest metal can be performed based on changes before the API change. This approach is a more realistic liquidation. It provides an estimated value, but it is still wrong because it is unable to explain the changes in the behavior of market participants in the past three years. “

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