Chip-stock perpetuals shed $51.6 million in liquidations over weekend
CIE News ·
Based on reporting by CoinDesk; not yet independently confirmed.
About $51.6 million in leveraged chip-stock perpetuals were liquidated in ten minutes on Saturday, with around $38 million stemming from long positions while U.S. stock markets were closed.
A sudden cascade of selling wiped out about $51.6 million in leveraged crypto bets on chip stocks between 21:22 and 21:32 UTC on October 17, CoinDesk reported. Because U.S. stock exchanges were closed for the weekend, the perpetual contracts lacked live external share prices to track. Traders betting on rising prices took roughly $38 million of the liquidations, with SOXL positions losing about $12.7 million and SanDisk and SK Hynix contracts losing approximately $10.8 million each. Tread.fi chief executive David Jeong reported that the selling began on Binance before quickly spreading to Hyperliquid.
Key facts
- $51.6M positions liquidated
- $38M long losses
- SOXL lost $12.7M
- Occurred Oct 17, 21:22 UTC