Traders betting on SanDisk (SNDK) lost more to forced liquidations over the past 24 hours than traders betting on XRP — a sign of how much leverage on crypto exchanges now sits on chip stocks.
Over $800 million in leveraged positions were liquidated across 10 exchanges in the past 24 hours as bitcoin dropped to just under $81,000 in early Asian hours.
Most of the damage came in a burst. About $595 million, nearly three-quarters of the day’s total, was liquidated in the last 12 hours, as South Korea’s KOSPI fell more than 6% and bitcoin slid to just under $81,000.
The largest single wipeout was a $9.65 million bitcoin long on Binance, closed at about $81,700, with the exchange accounting for half of all liquidations.
A liquidation happens when an exchange forcibly closes a trader’s borrowed position because their losses have eaten through the collateral. Longs, or bets on higher prices, accounted for $694 million of that, or 86% of the total.
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.
S. 21 million liquidated on SOXL.
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