More than $800 million in leveraged crypto trades were forcibly closed over a 24-hour period, with long positions responsible for 86% of the liquidations. Bets linked to semiconductor stocks also suffered heavy losses as markets came under pressure.

SanDisk (SNDK) contracts recorded more liquidations than XRP positions, illustrating the growing use of crypto exchanges to trade leveraged bets on technology stocks.

Liquidations across 10 exchanges topped $800 million as Bitcoin (BTC) briefly dropped below $81,000 during early Asian hours.

The selloff gathered pace over the final 12 hours, wiping out approximately $595 million in positions, or almost 75% of the daily figure. The liquidations coincided with a more than 6% plunge in South Korea’s KOSPI index and Bitcoin’s decline to just under $81,000.

Binance saw the largest single liquidation, closing a $9.65 million Bitcoin long position at around $81,700. The platform was responsible for half of all liquidations recorded during the period.

Forced liquidations happen when exchanges close leveraged positions because traders no longer have enough collateral to cover their losses. Long positions, which anticipate price increases, accounted for $694 million of the total, equivalent to 86%.

Bitcoin led all assets with $181 million in liquidations. Ether followed with $178 million, despite its considerably smaller market capitalization.

Among stock-linked instruments, perpetual futures tied to U.S. memory-chip maker SanDisk recorded $19.5 million in liquidations. This was higher than the $19 million recorded for HYPE and the $18.78 million reported for XRP.

Unlike traditional stock contracts with fixed expiry dates, perpetual futures let traders speculate on price movements around the clock through cryptocurrency trading platforms.

Contracts tied to SK Hynix, Micron and SOXL also appeared in the liquidation data. SOXL, a U.S. semiconductor ETF designed to deliver three times leveraged exposure, saw $7.21 million in positions liquidated.

The losses came as South Korean chipmakers faced a sharp market downturn. Samsung Electronics and SK Hynix shares each declined about 8%, amid concerns about stretched AI valuations and rising competition from Chinese memory-chip manufacturers, according to CoinDesk.

Crude oil contracts displayed a contrasting trend. WTI and Brent were among the few markets in which short positions accounted for most liquidations, while Brent prices remained close to $106 after a three-day advance.

The balance later shifted, with bearish traders suffering most of the latest losses. During the most recent four-hour window, $74 million in positions were liquidated, including $59 million in short positions, or 79% of the total, as Bitcoin rebounded above $83,000.

The day’s liquidations were largely driven by traders betting on higher prices, but the subsequent recovery began squeezing short sellers. Heading into Thursday’s U.S. inflation report, Bitcoin has already seen much of its leveraged long exposure cleared from the market.