Over the last 24 hours, tokenized SanDisk (SNDK) futures witnessed more liquidations than XRP as Asian semiconductor stocks took a sharp downturn. According to CoinGlass, around USD 803 million worth of leveraged positions were liquidated across 10 exchanges, with long positions accounting for 86% of the total. This event impacted around 172,113 traders.
Bitcoin, on the other hand, fell below the USD 81,000 support and rebounded to USD 83,000, catalyzing another wave of short liquidations.
Bitcoin and Ethereum Surge in Liquidations
CoinDesk reported nearly USD 595 million in 12-hour leverage liquidations after South Korea’s KOSPI index tumbled more than 6%. Bitcoin had the highest liquidations of USD 181 million. This was followed by Ethereum with USD 178 million, Solana with USD 60 million, Zcash with USD 24 million, and NEAR with USD 22 million.
The single largest liquidation for a Bitcoin long position was of USD 9.65 million, near the USD 81,773 level. Binance approximately made up half of the total.
SanDisk Liquidations Exceed XRP
Tokenized SanDisk perpetual futures saw around USD 19.09 million in liquidations, while HYPE tokens lost USD 19.04 million, and XRP holders lost USD 18.78 million to liquidations. Semiconductor-related contracts, such as SK Hynix, Micron and SOXL, also saw liquidations. SOXL, a triple-leveraged semiconductor-tracking ETF, had total liquidations of USD 7.21 million.
Samsung Electronics and SK Hynix stock fell close to 8% amid fears of artificial intelligence hype and Chinese memory-chip makers. Meanwhile, Brent crude traded at the USD 106 mark after posting a three-day gain, with oil-linked contracts running to the downside to a greater extent through short liquidations.
Bitcoin Recovery Causes Short Liquidations
Bitcoin reclaimed USD 83,000, ending liquidations. 79% of USD 74 million liquidated over the span of four hours were short positions. The unwind implied that traders on both sides lost money as markets became more volatile in the lead-up to Thursday’s US inflation release.
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