Tokenized SanDisk bets saw more liquidations than XRP as Asia’s chip rout wipes out $800 million
Source: CoinDesk ·
From the source
About $800 million in leveraged positions were wiped out over 24 hours, 86% of them bullish. Chip-stock contracts on crypto exchanges took a chunk of the damage. Traders betting on SanDisk lost more to forced liquidations over the past 24 hours than traders betting on XRP — a sign of how much leverage on crypto exchanges now sits on chip stocks. 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…