Wall Street closed: chip-stock leveraged bets liquidated for nearly $52 million

During the Saturday Wall Street closure, perpetual contracts on chip stocks on Binance and Hyperliquid were forcibly liquidated for nearly $52 million within 10 minutes, of which about $38 million came from long bets. According to a CoinDesk report, the sell-off began on Binance: a review by David Jeong, CEO of trading firm Tread.fi, shows that the first large SanDisk and Micron sell orders appeared at 21:21:59 UTC, and about one second later spread to Hyperliquid, where about 10 addresses opened short positions on six chip-related contracts within 1.8 seconds. The hardest hit was the triple-leveraged long chip-stock SOXL fund contract (about $12.7 million), with SanDisk and SK Hynix contracts at about $10.8 million each. Because the contracts trade 24 hours while U.S. stocks are closed, weekend prices are driven entirely by crypto traders playing against each other; the U.S. market open on Monday will provide a benchmark, at which point it will be possible to see how far Saturday's prices deviated.