Nearly $52 million in leveraged bets tied to chip stocks and semiconductor funds were liquidated in 10 minutes on Saturday, even as Wall Street was closed. The sell-off began on Binance and spread within seconds to Hyperliquid, with traders betting on higher prices accounting for about $38 million of the liquidations. Because the contracts trade around the clock, weekend prices were driven by crypto traders rather than actual share prices, which will provide a benchmark when U.S. markets reopen Monday.
company
Hyperliquid
Decentralized cryptocurrency exchange