Tread.fi CEO DYJ released an analysis of the flash crash in US-listed AI concept stock perpetual contracts in the early hours of today, pointing out that the sell-off originated from Binance. A trader liquidated roughly $2 million in long positions of SanDisk (SNDK), triggering sharp declines across other markets due to the order book’s shallow depth. Per the transaction timeline he outlined, Binance saw large aggressive sell orders for SNDK first: around $407,000 in the first second, then approximately $1.03 million the next; MU also started selling in that same second. DYJ added that Hyperliquid subsequently saw sweep orders, with about 10 addresses submitting immediate-or-cancel (IOC) sell orders concentrated on SNDK, SOXL, DRAM, SKHX, SKHY, and MU within 1.8 seconds, followed by a second round of synchronized sell orders. All these orders were for opening new short positions, not just reducing existing ones. In the minute of the first concentrated sell, Binance’s trading volumes for SNDK and MU stood at roughly $21.9 million and $5.1 million respectively, while Trade.xyz’s corresponding volumes were about $3.1 million and $300,000. Hyperliquid’s MU trading volume then surged to $10.8 million and $9.5 million in the next two minutes, a phase DYJ attributed to liquidation cascades.

According to Lookonchain's monitoring, crypto figure "Big Brother Ma Ji" (Huang Licheng) had all his long positions liquidated again four hours ago. The 250,000 USDC he deposited just two days ago has now been almost entirely wiped out. A year ago, he earned $44.84 million on Hyperliquid; he has since not only given back all those profits but also suffered an additional loss of $36.85 million.

Machi(@machibigbrother) got fully liquidated again 4 hours ago! He's almost wiped out the 250K USDC he deposited just 2 days ago. A year ago, he was up $44.84M on #Hyperliquid. Now, he's lost all those profits and is down another $36.85M.

South Korean Finance Minister Lee Hyung-il said Saturday that the semiconductor industry boom will last at least until 2027. In an interview with CNBC on the sidelines of the International Monetary Fund and World Bank Annual Meetings in Bangkok, Lee stated: "Currently, we judge this round of growth can hold steady at least until next year, as the semiconductor supply-demand gap remains massive and the supply side is still expanding." Lee added that chip stocks have amplified volatility in South Korea’s stock market this year. He noted that the semiconductor industry makes up a larger share of South Korea’s economy than in other nations, which has led to sharp market swings. However, he emphasized that despite these market fluctuations, South Korea’s economic fundamentals remain robust.

pump.fun has launched perpetual contract trading powered by Hyperliquid. Its fee terms disclose that when users trade on Hyperliquid via the perpetual contract feature, the platform will charge a builder fee of up to 0.10% of the nominal value of each submitted order, applicable to opening, adding to, and closing positions. Users must authorize via signature when using the feature for the first time, and fees will be itemized separately before order confirmation. When transferring assets to or from Hyperliquid via the in-app cross-chain function, pump.fun charges an additional fee of up to 0.25% per transaction. Combined with fees from the bridge service operator itself, the two may be merged and displayed as a single cross-chain fee on the interface. Hyperliquid’s trading fees, funding fees, and one-time account activation fee deducted during first deposit are all charged by third parties, not pump.fun. The "platform fee" as defined in the terms does not apply to orders for this feature.

According to market data, from 05:22 to 05:32 Beijing time today, perpetual contracts of multiple US-listed AI concept stocks experienced a sharp short-term plunge before rebounding. Details are as follows: Western Digital (WDC) dropped as much as 7.03% to a low of $298.70, currently trading at $318.65; Nebius (NBIS) fell 6.97% to a low of $155.12, now at $165.29; Applied Optoelectronics (AAOI) dipped 6.93% to a low of $70.52, currently at $74.28; IREN (IREN) dropped 6.92% to a low of $25.17, now at $26.63; Micron (MU) fell 6.32% to a low of $818.57, currently at $864.76; SK Hynix (SKHY) dipped 6.30% to a low of $127.68, now at $135.14; SanDisk (SNDK) dropped 6.10% to a low of $1215.35, currently at $1269.35; CoreWeave (CRWV) fell 5.87% to a low of $57.55, now at $60.40; SpaceX (SPCXUSDT) dipped 3.50% to a low of $140.46, currently at $145.14.