Leveraged traders faced $800 million in liquidations as 86% of bullish positions were wiped out, with tokenized chip stocks like SanDisk suffering heavy losses amid a broader market rout.
SanDisk tokenized stock positions suffered heavy liquidations as the Asia chip rout triggered a collapse in bullish bets. The asset was specifically impacted by the broader liquidation of chip-stock contracts traded on crypto exchanges.
The positions were liquidated due to an Asia chip rout that caused a massive wipeout of bullish leveraged bets on crypto exchanges.
XRP was caught in the broader market volatility that saw $800 million in leveraged positions liquidated across crypto exchanges. As a major crypto asset, it faced significant selling pressure alongside the 86% of bullish positions that were wiped out during the 24-hour period.
Approximately $800 million in leveraged positions were wiped out over 24 hours.
The cryptocurrency market suffered a massive $800 million liquidation event over the last 24 hours, with bullish positions accounting for 86% of the total losses. Tokenized chip stocks, including SanDisk (SNDK), faced significant selling pressure as leveraged traders were forced out during the broader market downturn.
The liquidations were driven by a sharp market downturn that triggered forced closures of leveraged positions, with 86% of the wiped-out trades being bullish bets.
Tokenized versions of chip stocks, such as SanDisk (SNDK), saw heavy liquidations as bullish sentiment collapsed during the broader market sell-off.