Chip-linked contracts lose $52 million in 10 minutes as selling hits Binance and Hyperliquid during Wall Street closure

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.