Tokenized SanDisk bets saw more liquidations than XRP as Asia’s chip rout wipes out $800 million
About $800 million in leveraged positions were wiped out over 24 hours, 86% of them bullish. Chip-stock contracts on crypto exchanges took a chunk of the damage.
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Summary
- Crypto exchanges liquidated about $803 million in leveraged positions over 24 hours, with bullish bets accounting for 86% of the losses as bitcoin briefly fell below $81,000.
- SanDisk perpetual futures recorded $19.09 million in liquidations, surpassing XRP and highlighting the growing use of crypto venues to make leveraged bets on semiconductor stocks.
- The trend later reversed as bitcoin recovered above $83,000, with short positions accounting for 79% of the $74 million liquidated over the next four hours.
