Roughly $52 million in leveraged bets on chip stocks and semiconductor funds were liquidated in 10 minutes on Saturday while US markets were closed. The sell-off began on Binance and spread within a second to Hyperliquid, where about 10 addresses opened bets against six chip-linked contracts within 1.8 seconds. About $38 million of the liquidations came from traders betting on higher prices. SOXL took the biggest hit at about $12.7 million. Because these contracts trade around the clock, weekend prices were set by crypto traders rather than real share prices, and a true benchmark will emerge when US markets reopen Monday. Memory-chip shares had already weakened on concerns about new competition from Chinese chipmaker CXMT.
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