Data on liquidations from exchanges is "fake" and significantly underestimates the actual volumes, according to analysts from K33 Research.
According to the research, since 2021, Binance, OKX, and Bybit have made changes to their APIs to conduct one liquidation per second instead of reporting all of them. As a result, we have been seeing understated data for the past three years, the experts concluded, suggesting that this was done deliberately:
"This is a PR move. Constantly being at the top of liquidation rankings did not align with their strategy of attracting clients to trade the maximum possible volume."