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Tokenized SanDisk bets saw more liquidations than XRP as Asia’s chip rout wipes out $800 million
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- DeepHorus
Crypto exchanges liquidated roughly $803 million in leveraged positions over a 24-hour period as a selloff in Asian semiconductor stocks spilled into digital-asset markets. Bitcoin briefly slipped below $81,000 during the turmoil. Bullish bets, known as longs, accounted for $694 million, or 86%, of the total wipeouts.
The losses arrived in a burst. About $595 million — nearly three-quarters of the day's total — was liquidated in the final 12 hours, according to data across 10 exchanges. The cascade coincided with South Korea's KOSPI index falling more than 6%.
Bitcoin led with $181 million in liquidations, while ether followed closely at $178 million despite its smaller market capitalization. The largest single wipeout was a $9.65 million bitcoin long on Binance, closed at about $81,700. Binance alone accounted for half of all liquidations.
Stock contracts made an unusual appearance on the liquidation heatmap. Perpetual futures tracking SanDisk, the U.S. memory-chip maker, saw $19.5 million liquidated, surpassing HYPE's $19 million and XRP's $18.78 million. Contracts on SK Hynix, Micron and SOXL, a triple-leveraged semiconductor ETF, also registered losses, with $7.21 million on SOXL.
Those figures tracked the Seoul selloff, where Samsung Electronics and SK Hynix each dropped about 8% on concerns over AI-related valuations and Chinese memory-chip competition. Oil moved the opposite way, with Brent holding near $106 after a three-day rally, making crude the rare market where shorts bore most liquidations.
The flow has since reversed. Of $74 million liquidated in a four-hour window, $59 million, or 79%, came from shorts, as bitcoin climbed back above $83,000.
With long leverage largely cleared, bitcoin enters Thursday's U.S. inflation report in a lighter position. The episode underscored how crypto venues now serve as round-the-clock leverage for equity bets, a channel that amplified losses when Asian chip stocks cracked.
