The BYBIT CEO says the encryption qualifiers are likely to be more than $ 2 billion

During the weekend, the encryption market witnessed its largest correction for months, and according to what was fueled by the new American definitions in Canada, Mexico and China. The market closed the first two days of February in red, with 21 % restoration of Friday levels.

The news also sparked a huge financial lever of billions of dollars. Despite the initial estimates indicating a fewer number, BYBIT CEO revealed that the total market liquidation in the market can be much higher than two billion dollars in the amount.

The encryption market is seen 21 % on the weekend

With the start of February, US President Donald Trump announced new definitions of the three largest commercial partners: Canada, Mexico and China. According to the report, Trump is Implementation An additional 25 % tariff on imports from the two neighboring countries, and 10 % on China’s imports.

After the news, the encryption market began to fall from its highest level on Friday, as Bitcoin (BTC) decreased by 12.5 % during the weekend to $ 91,000. The rest of the market followed BTC, with the second largest encrypted currency through the market value, ETHEREUM (ETH), where more than 35 % decreased to 2100 dollars, its lowest price since September.

With the fear of a global tariff war, most Altcoins decreased to the lowest monthly levels, leaking moments to the range of hacking before December. As a result, the total market value of encryption decreased by 21 % during the weekend, its largest correction since August 2024 “Red Monday”.

A recent report from Nansen male The encryption market appears to be “saturated with good news at the present time”, which makes it more “reaction to negative feelings of positive news”, as it appears with the Deepseek correction called Deepseek last week.

The collapse of the weekend market also led to huge financial lever qualifiers, as initial reports are estimated at more than two billion dollars. The record number is a larger accident for one day than the Covid-19 and FTX collapse.

Coinglass data shows that “during the past 24 hours, 743,002 traders have been liquidated, and the total references are at $ 2.30 billion”, as the references of $ 637 million occupied.

Crypto liquidations hit $2.3 billion. Source: CoinGlass

References are higher than expected

On Monday morning, co -founder and executive director of bytbit been Zhou subscriber Some insight about the total value of the recent references for encryption. In X Publishing, Zhou stated that the “real” total number is “more than two billion dollars”.

According to his discretion, BYBIT is about 24 hours a day, an increase of 530 % over 333 million dollars registered in Coinglass. Zhou explained that due to the restrictions in the API programming interfaces (API), Coinglass has not registered all references.

FYI, bybit 24 hours alone was $ 2.1 billion, as you can see in the screenshot below, the BYBIT 24 hour boxes recorded on Coinglass about 333 million dollars, however, this is not all the liquidation. We have API restrictions on the amount of feed that are removed per second.

CEO of Crypto Exchange Vision Other stock exchanges are likely to suffer from the same liquidation data, which is likely to increase the total value of $ 2.3 billion registered anywhere ranging from $ 8 billion to 10 billion dollars.

Based on this extent, some users asked about the potential contradiction between the real liquidation value of FTX Collapse. Zhou detailed that this number is “at least 4-6 times what was reported mainly.”

In the end, he pledged to be more transparent in the future, and promised that “going forward, will start by paying all the filter data.”

Bitcoin's performance in the one-week chart. Source: BTCUSDT on TradingView

Distinctive photo of Unsplash.com, Chart from Tradingview.com