Next on the docket were stock contracts. Perpetual futures related to SanDisk, the American memory-chip manufacturer, saw liquidations totaling $19.09 million, slightly edging out the $19.04 million from HYPE and $18.78 million from $XRP. These perpetual futures enable traders to speculate on a stock’s price continuously on cryptocurrency platforms, free from expiry dates. Contracts related to SK Hynix, Micron, and SOXL—a U.S. semiconductor ETF with triple leverage—also featured prominently on the liquidations chart, registering $7.21 million in liquidations for SOXL.
These financial setbacks aligned with a downturn in Seoul’s market. Both Samsung Electronics and SK Hynix dropped approximately 8%, driven by concerns over AI-related valuations and competition from Chinese memory-chip producers, as noted by CoinDesk.
In contrast, oil prices saw an upward trajectory. Contracts for WTI and Brent crude oil were among the rare exceptions where short positions constituted the majority of liquidations, with Brent trading near $106 following a three-day surge.
However, the trend has shifted. Among the $74 million in liquidations reported in the last four hours, $59 million, or 79%, originated from short positions as Bitcoin rose above $83,000 once again.
With bullish positions contributing to 86% of the day’s overall liquidations, and short sellers now experiencing significant losses, Bitcoin approaches Thursday’s U.S. inflation report with much of its long leverage reduced.