Public data online shows that the total liquidation on 1011 was $19.3 billion, with Hyperliquid accounting for $9.2 billion—actually half of the entire crypto market. So does this mean all the gamblers have moved on-chain and stopped playing on CEXs? This was just a private suspicion before, but today Hyperliquid's founder openly questioned whether Binance underreported a lot of its liquidation data. On-chain detective @mlmabc believes the total market liquidation amount is between $30 to $40 billion.