K33 analyst Vetle Lunde: The market clearing data from the past three years has been severely underestimated, and major cryptocurrency exchanges report that the clearing data has lost its trading reference value

ChainCatcher news, K33 analyst Vetle Lunde stated on X that the exchange's liquidation data is far below the actual market liquidation volume. To provide a "fair trading environment" (Bybit, September 2021) and "optimize user data flow" (Binance, April 2021), Binance and Bybit have changed their liquidation WebSocket API to push liquidations once per second, instead of reporting all liquidations. OKX also pushes up to one order per second for each contract, and their data does not represent the total number of liquidations.
The consequence of this is that over the past three years, market liquidation data has been severely underestimated.
He stated that "the current liquidation data is relatively worthless as pure market information."