Crypto exchanges liquidated about $803 million in leveraged positions across a 24-hour period, with bullish bets accounting for 86% of the losses as bitcoin briefly fell below $81,000, according to data from CoinGlass.
SanDisk perpetual futures recorded $19.09 million in liquidations, surpassing XRP at $18.78 million and highlighting the growing presence of semiconductor stock bets on crypto trading venues. These perpetual futures allow traders to bet on stock prices around the clock without expiration dates.
Approximately $595 million of the total liquidations occurred in the final 12 hours of the period, coinciding with a decline of more than 6% in South Korea's KOSPI index. Bitcoin fell to just under $81,000, with the largest single liquidation being a $9.65 million bitcoin long on Binance closed at approximately $81,773. Binance accounted for half of all liquidations across 10 exchanges.
Bitcoin positions led liquidations with $181 million, followed by ether at $178 million. Additional losses included $60 million in SOL bets, $24 million in ZEC, and $22 million in NEAR.
Perpetual futures contracts on other semiconductors also appeared in liquidation data. SK Hynix and Micron contracts showed losses, as did SOXL, a triple-leveraged U.S. semiconductor ETF, which recorded $7.21 million in liquidations. This activity coincided with Samsung Electronics and SK Hynix each declining approximately 8% on the Seoul exchange amid concerns over AI-related valuations and competition from Chinese memory-chip manufacturers.
The liquidation pattern later reversed as bitcoin recovered above $83,000. Of $74 million liquidated over the subsequent four hours, 79% came from short positions as prices recovered.
