Last night, some perpetual contracts for AI stocks like Micron (MU) and SanDisk (SNDK) suddenly plunged on crypto exchanges like Hyperliquid... while, of course, the stock market was closed for the weekend.
Micron (MU) fell around 7% in just 10 minutes, then recovered almost all of its losses.
Interestingly, the cause may have been an ETH dump, which liquidated some accounts using ETH as shared collateral (cross-margin), triggering liquidations in stock perpetual positions as well.
Micron (MU) fell around 7% in just 10 minutes, then recovered almost all of its losses.
Interestingly, the cause may have been an ETH dump, which liquidated some accounts using ETH as shared collateral (cross-margin), triggering liquidations in stock perpetual positions as well.