SanDisk Token Futures Liquidations Beat XRP in $800M Crypto Rout
CoinDesk reports $803 million in leveraged crypto positions were liquidated in 24 hours, with bullish bets taking 86% of losses and tokenized chip stocks like SanDisk leading unusual casualties.
Leveraged crypto traders lost about $803 million in a day as bitcoin dipped under $81,000. Tokenized SanDisk futures saw $19.5 million in forced liquidations, more than XRP.
CoinDesk reports that crypto exchanges liquidated about $803 million in leveraged positions over 24 hours. Bullish bets accounted for 86% of the losses, or $694 million, as bitcoin briefly dropped under $81,000 in Asian hours.
Chip stocks on crypto venues get hit
SanDisk perpetual futures recorded $19.5 million in liquidations, the source said. That was more than XRP's $18.78 million and just above HYPE's $19 million. These perpetual futures let traders bet on a stock's price around the clock on crypto venues, with no expiry date.
Contracts on SK Hynix, Micron and SOXL, a triple-leveraged US semiconductor ETF, also showed up on the liquidation heatmap. SOXL saw $7.21 million liquidated. The damage lined up with a selloff in Seoul: Samsung Electronics and SK Hynix each fell about 8% on AI-valuation worries and competition from Chinese memory-chip makers, as CoinDesk reported.
The largest single wipeout was a $9.65 million bitcoin long on Binance, closed at about $81,700. Binance accounted for half of all liquidations. Bitcoin led with $181 million in liquidations, and ether was close behind at $178 million.
Later, the flow reversed. Of the $74 million liquidated over the next four hours, 79% came from shorts as bitcoin recovered above $83,000.
The takeaway: leverage shifted from bullish crypto bets into tokenized chip stocks, and the flush hit both sides of the market within hours.
Summary written by Oh Cannot from the original report by CoinDesk. Not financial advice.
