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.

  • Crypto exchanges liquidated about $803 million in leveraged positions over 24 hours, with bullish bets accounting for 86% of the losses as bitcoin briefly fell below $81,000.
  • SanDisk perpetual futures recorded $19.09 million in liquidations, surpassing XRP and highlighting the growing use of crypto venues to make leveraged bets on semiconductor stocks.
  • The trend later reversed as bitcoin recovered above $83,000, with short positions accounting for 79% of the $74 million liquidated over the next four hours.

Traders betting on SanDisk (SNDK) 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.

Over $800 million in leveraged positions were liquidated across 10 exchanges in the past 24 hours as bitcoin

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 $81,700, with the exchange accounting for half of all liquidations.

Read More: Bitcoin rebounds above $83,000 as it decouples from tumbling Korean stocks and Nasdaq futures

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, accounted for $694 million of that, or 86% of the total.

Bitcoin led with $181 million in liquidations, and ether was close behind at $178 million despite its much smaller market.

Stock contracts showed up next. Perpetual futures tracking SanDisk, the U.S. memory-chip maker, saw $19.5 million liquidated, just above HYPE's $19 million and XRP's $18.78 million. These perpetual futures let traders bet on a stock’s price around the clock on crypto venues, without an expiry date.

Contracts on SK Hynix and Micron, along with SOXL, a triple-leveraged U.S. semiconductor ETF, also appeared on the heatmap, with $7.21 million liquidated on SOXL.

Those losses lined up with the selloff in Seoul. Samsung Electronics and SK Hynix each fell about 8% on worries over AI-related valuations and competition from Chinese memory-chip makers, as CoinDesk reported.

Oil went the other way. Contracts on WTI and Brent crude were among the few on the map where short bets made up most of the liquidations, as Brent held near $106 after a three-day rally.

Meanwhile, the flow has since reversed. Of the $74 million liquidated over the past four hours, $59 million, or 79%, came from shorts, as bitcoin climbed back above $83,000.

With bullish bets behind 86% of the day’s wipeouts and short sellers now taking the losses, bitcoin heads into Thursday’s U.S. inflation report with much of its long leverage cleared out.

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