Tokenized SanDisk bets saw more liquidations than XRP as Asia’s chip rout wipes out $800 million
In this news:
Key takeaways
- Bitcoin and ether led liquidations with $181 million and $178 million respectively.
- Perpetual futures tracking SanDisk saw $19.5 million liquidated, outpacing XRP.
- Asian chip makers Samsung and SK Hynix fell sharply amid valuation concerns.
Bitcoin led with $181 million in liquidations, and ether was close behind at $178 million despite its much smaller market.
Stock contracts showed up next. Perpetual futures tracking SanDisk, the U.S. memory-chip maker, saw $19.5 million liquidated, just above HYPE's $19 million and XRP's $18.78 million. These perpetual futures let traders bet on a stock’s price around the clock on crypto venues, without an expiry date.
Semiconductor liquidations and Asian market rout
Contracts on SK Hynix and Micron, along with SOXL, a triple-leveraged U.S. semiconductor ETF, also appeared on the heatmap, with $7.21 million liquidated on SOXL.
Those losses lined up with the selloff in Seoul. Samsung Electronics and SK Hynix each fell about 8% on worries over AI-related valuations and competition from Chinese memory-chip makers, as CoinDesk reported.
Crude oil and market recovery
Oil went the other way. Contracts on WTI and Brent crude were among the few on the map where short bets made up most of the liquidations, as Brent held near $106 after a three-day rally.
Meanwhile, the flow has since reversed. Of the $74 million liquidated over the past four hours, $59 million, or 79%, came from shorts, as bitcoin climbed back above $83,000.
With bullish bets behind 86% of the day’s wipeouts and short sellers now taking the losses, bitcoin heads into Thursday’s U.S. inflation report with much of its long leverage cleared out.
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