Tokenized SanDisk bets saw more liquidations than XRP as Asia’s chip rout wipes out $800 million
A sharp market downturn in South Korea triggered a massive $803 million liquidation event across crypto exchanges, disproportionately affecting leveraged long positions. The selloff impacted both major cryptocurrencies like Bitcoin and Ether, as well as tokenized stock futures for semiconductor companies like SanDisk and SK Hynix.
Why it matters
The event highlights the increasing interconnectedness between traditional equity markets and crypto-native derivative platforms, where leveraged bets on tech stocks are now subject to the same volatility-driven liquidations as digital assets.
About $803 million in leveraged positions were liquidated across 10 exchanges, according to CoinGlass. 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, made up $694 million of that, or 86%, and 172,113 traders were hit.
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 $81,773. Binance accounted for half of all liquidations.
Bitcoin led with $181 million in liquidations, and ether was close behind at $178 million despite its much smaller market. SOL bets lost $60 million, ZEC $24 million and NEAR $22 million.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in