Techub, citing CoinDesk, reported that a wave of selling in chip-related contracts led to $52 million in losses within 10 minutes while U.S. equity markets were closed. David Jeong, CEO of trading firm Tread.fi, said his review of trading records showed the move began on Binance at 21:21:59 UTC, when the first large sell orders in SanDisk and Micron appeared. Less than a second later, activity spread to Hyperliquid, where about 10 addresses opened short positions across six chip-linked contracts in 1.8 seconds. Binance processed roughly $21.9 million in SanDisk trading in the first minute, compared with $3.1 million on Trade XYZ. With Wall Street shut, the contracts had no live stock-price anchor, leaving traders to react mainly to one another. CoinDesk also said Trade XYZ rules allow the platform to set its own reference price until external stock quotes return. U.S. markets are due to reopen on Monday, when pricing will reset and the gap between Saturday levels and actual stock prices will become visible.
Chip-related contracts posted $52 million in losses within 10 minutes as selling first appeared on Binance and then quickly showed up on Hyperliquid while U.S. stock markets were closed, according to a Techub report citing CoinDesk.
David Jeong, chief executive of trading firm Tread.fi, said his analysis of trading records showed the selloff started on Binance. At 21:21:59 UTC, the first large sell orders in SanDisk and Micron were placed on the exchange. Less than a second later, orders moved into crypto exchange Hyperliquid, where about 10 addresses opened short positions across six chip-related contracts in 1.8 seconds.
No live equity benchmark during the closure
Binance handled about $21.9 million in SanDisk trading in the first minute, while platform Trade XYZ processed $3.1 million. Because U.S. equity markets were closed, those contracts had no live stock-price reference, leaving traders to react to each other rather than to an active underlying market.
CoinDesk said Trade XYZ rules allow the platform to set its own reference price before external stock quotes resume. When U.S. markets reopen on Monday, quoted prices will return, showing how far Saturday pricing had diverged from actual stock values.
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