The number of liquidations may be way worse than what we expect from the data

K33 Research senior analyst Vetle Lunde reported that crypto liquidation data from major exchanges such as Binance, Bybit and OKX is a vast underrepresentation of actual liquidation volumes. He said the exchanges significantly altered their reporting since 2021, so that they recorded one liquidation per second instead of all liquidations. Lunde speculated that exchanges could be limiting data for PR reasons or to keep an information advantage, noting that some have interests in investment firms. He added that liquidation data are mostly erroneous entertainment and not actionable for now.