Chip Stock Bets Lose $52 Million in 10 Minutes With Wall Street Closed

Nearly $52 million in leveraged crypto bets tied to chip stocks and semiconductor funds were wiped out in just 10 minutes on Saturday, while US markets were shut for the weekend. CoinGlass data shows about $51.6 million in positions were force closed between 21:22 and 21:32 UTC, with roughly $38 million coming from traders betting on higher prices.

The bets were placed through perpetual futures, contracts that track a stock’s price and trade around the clock on crypto exchanges. When a trader borrows to size up and losses eat through their deposit, the position is closed automatically, and that forced selling can push prices lower for the next trader in line.

Which Contracts Took the Biggest Hit

SOXL, a fund that triples the daily moves in chip shares, took the largest loss at about $12.7 million. SanDisk and SK Hynix contracts followed at about $10.8 million each. Memory chip shares were already under pressure after a rough week, as investors weighed new competition from Chinese chipmaker CXMT.

How the Selloff Started on Binance and Hyperliquid

The selling began on Binance, where a large sell order for SanDisk and Micron contracts was placed at 21:21:59 UTC. Less than a second later, orders reached Hyperliquid, where stock-tracking contracts are listed, and about 10 addresses opened bets against six chip linked contracts within 1.8 seconds. The exchange handled about $21.9 million of SanDisk trading in the first minute, compared with $3.1 million on the Hyperliquid based market. With no real share price to follow, traders were reacting mostly to each other, and the platform’s rules let it set its own reference prices until outside quotes return. Those quotes come back when US markets open Monday, showing how far Saturday’s prices drifted from the real market.