Crypto exchange Bybit has announced that its liquidation data is now fully accessible through an enhanced API. This update follows weeks of scrutiny over reported liquidation figures, with CEO Ben Zhou previously questioning CoinGlass’ Bitcoin liquidation estimates.
Real-Time Market Insights with Bybit’s Enhanced API
In a Feb. 21 press release, Bybit stated that the upgraded API allows traders, analysts, and institutions to access real-time liquidation data, with updates occurring every 500 milliseconds.
“This ensures that every liquidation event is captured and disclosed without delay, setting a new standard for openness and reliability in the digital asset market,” Bybit noted.
Zhou described the move as a response to the crypto community’s growing demand for transparency. “This proactive approach ensures traders and analysts have complete and real-time market data at their disposal,” he said.
Addressing API Limitations and Data Gaps
Bybit’s update aims to address gaps in reported liquidation data, which were previously constrained by API restrictions. As a result, CoinGlass has already integrated Bybit’s liquidation data into its system to enhance market analytics.
Earlier this month, the crypto market witnessed over $2.2 billion in liquidations as Bitcoin fell to $91,000 and Ethereum plunged 20% in a single day. Analysts using CoinGlass data suggested that the crash was more significant than the COVID-induced sell-off and the FTX collapse.
However, Zhou hinted that CoinGlass’ liquidation figures may have been underreported due to API constraints previously set by Bybit. He also speculated that similar restrictions could exist on other platforms, though he refrained from naming them.
Impact on Market Transparency
By making its liquidation data publicly available, Bybit aims to set a new benchmark for transparency in the crypto industry. This development is expected to provide traders and analysts with more precise insights into market conditions, ultimately fostering a more open and data-driven trading environment.
