Last night, several perpetual contracts for AI stocks like Micron (MU) and SanDisk (SNDK) suddenly dropped sharply on crypto exchanges such as Hyperliquid—despite the traditional stock market being closed for the weekend. Micron (MU) fell approximately 7% within just 10 minutes, before recovering nearly all of its losses. Interestingly, the likely cause was an ETH dump, which triggered liquidations of accounts using ETH as cross-margin collateral, subsequently dragging down the perpetual stock positions.
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