Bybit CEO Estimates Crypto Market Liquidations Could Hit $10 Billion

The recent cryptocurrency market correction has caused massive liquidations in the market. According to data from Coinglass, over $2.24 billion was liquidated from the cryptocurrency market in 24 hours on February 3.

However, the Bybit co-founder believes the actual figure could be five times larger. In a recent post on X, he wrote that the actual total liquidation amount is much higher than $2 billion, with his estimate being at least $8-10 billion.

I'm afraid the actual liquidation amount is much higher than $2 billion now, my estimate is at least $8-10 billion. Bybit's 24-hour liquidation alone is $2.1 billion,” Zhou noted.

Notably, the multi-billion dollar cryptocurrency market crash comes amid growing concerns about the possibility of a global trade war, after President Donald Trump signed an executive order imposing import tariffs on products from China, Canada, and Mexico, according to a White House statement on February 1.

He also noted that the discrepancy in crypto liquidation figures could be due to limitations in the application programming interface (API) of crypto exchanges.

He noted that this led platforms like CoinGlass to report Bybit’s liquidations as $333 million, instead of the actual figure of $2.1 billion. “In the future, Bybit will start publishing all liquidation data. We are committed to transparency,” he added.