Update
Chip Stock Perpetual Futures Forced Selling on Binance
A sudden wave of selling forced the closure of nearly $52 million in crypto traders' leveraged bets on chip stocks through perpetual futures contracts on Saturday, while Wall Street was closed. The selling started on Binance and quickly spread to Trade XYZ, where orders were placed within seconds. The largest hit came from the SOXL fund, which triples the daily moves in chip shares, followed by SanDisk and SK Hynix contracts. The lack of real share prices due to the closed stock market led to traders reacting to each other's actions.