Bitcoin has crossed the $20,000 level. Due to this price rally, shorts worth over $750 million are washed out from the market, according to the data from coinglass.
FTX accounts for 81.76% of the liquidation, amounting to over $618.39 million. Out of this, longs worth $101 million and shorts worth $516.94 million have been liquidated. The liquidation amount is the largest recorded on the exchange since its inception in 2019.
The Binance exchange is the runner-up in exchange liquidation. It accounts for 5.9% of liquidation. It amounts to $44.6 million, which is nowhere close to the liquidation in FTX.
The derivative volume dominance of Binance is more than 50%, whereas FTX has a dominance of 8.8%. It is quite amusing that the SBF lead exchange dominates in liquidation, even though it has significantly less dominance in the derivatives trading volume.
The rogue actor in the industry?
The centralized exchanges have data as to the price range that most of the trades will get liquidated. Traders have repeatedly accused some of the exchanges of front-running liquidations.
The popular crypto YouTuber Ben Armstrong has taken yet another dig at the FTX exchange and Sam Bankman-Fried. He tweeted, “There is one rogue actor in this space who thinks they are untouchable.”
The community believes that SBF is pocketing the money from liquidating retail traders. Last week a Twitter user accused the exchange of manipulating the platform, causing liquidations.
Recently a crypto YouTuber BitBoy alleged that Coinbase & FTX CEO's are devils trying to ruin the crypto industry.