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ByBit cofounder and CEO Ben Zhou has disclosed that recent crypto market liquidations are far above the $2 billion reported by Coinglass. In a post on X, Zhou estimates that the value of total liquidations ranges from $8 billion to $10 billion.

According to Zhou, although Coinglass shows total liquidations at around $2 billion, ByBit alone recorded $2.1 billion in liquidation within that period, even though Coinglass data showed $333 million.

He said:

“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.”

Zhou explained that the discrepancy between the actual liquidation and what is shown on Coinglass is because Coinglass does not show all the liquidations. According to him, ByBit limits the liquidation data that its API provides, and other exchanges do the same. Zhou added “We have api limitation on how much feeds are pushed out per second. From my observation, other exchanges also practice the same to limit liquidation data.”

The ByBit CEO has promised to remove the restrictions so that all liquidation data from the exchange will be available through the API, noting that this aligns with the company’s belief in transparency.

K33 Head of Research calls for exchanges to remove API restrictions

Meanwhile, Zhou’s statement has again brought discussions about liquidation data to the forefront. While many crypto market observers have relied on liquidation data to know the impact of any major price change, the Head of Research at K33 Research, Vetle Lunde, noted that liquidation data has been unreliable and underreported since 2021.

In an earlier post on X, the researcher noted that three major crypto exchanges, OKX, Binance, and Bybit, changed how their API could push out liquidations by reducing it to one liquidation by a second.

Binance did it in April 2021, stating it wanted to optimize the user data stream. ByBit also made a similar move in September of the same year and explained that this would provide a fair trading environment.

However, Lunde believes that the exchanges decided to limit liquidation data because of the negative publicity that massive liquidation events were attracting at the time.

He said:

“Constantly figuring at the top of liquidation leaderboards is not aligning with a strategy of attracting as many as possible to trade as much volume as possible.”

With ByBit now committing to transparency and providing full liquidation data through its API, Lunde has called on Binance and OKX to do the same. However,  some users in the crypto community are concerned about the impact that full liquidation data could have on the market.

Crypto sentiment shifts to Fear after liquidation

The impact of the recent liquidation was not restricted to the massive drop in the value of crypto assets; it has also led to a change in market sentiments. According to CoinMarketCap, the Crypto Fear& Greed Index has moved to Fear.

Meanwhile, CryptoQuant analyst Mignolet noted that the market shock at the Bitcoin price decline is one of the largest ever, with the shock level quite significant compared to the percentage drop in value. They noted that this is the first major shock for the market since August 2024, breaking the open interest trend.

Bitcoin Coinbase Premium Gap at highest level in 2025 (Source: CryptoQuant)

However, the analyst observed signs of aggressive buying already, with Coinbase Premium Gap at its highest level this year. This shows that someone is absorbing the liquidity. Bitcoin is already trending upward again, with the flagship asset now at $97,000 after falling as low as $91,242 today.

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The market has started with the dump of most of the coins, according to CoinMarketCap.

BTC/USD

The rate of Bitcoin (BTC) has fallen by 4.21% over the last 24 hours.

On the daily chart, one should pay attention the daily bar's closure.

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If it happens around current prices, sideways trading in the area of $92,000-$96,000 is the more likely scenario by the end of the week.

Bitcoin is trading at $95,234 at press time.

ETH/USD

Ethereum (ETH) is one of the biggest losers today, falling by 17.32%.

From the technical point of view, the rate of ETH has made a false breakout of the two levels. As most of the ATR has been passed, sideways trading around the current prices is the more likely scenario over the next few days.

Ethereum is trading at $2,630 at press time.

XRP/USD

XRP is not an exception to the rule, going down by 17.84%.

On the daily chart, one should focus on the bar's closure in terms of the $1.9669 level. If it happens far from it, one can witness a local bounce back to the $2.50 area.

XRP is trading at $2.4213 at press time.

There’s understandably been a lot of panic surrounding the market volatility and sudden selloffs.

This is not the first time it has happened, and it won’t be the last either. Here are 3 pieces of advice I would like to share with you.

A thread. 🧵