Analysis: Flash crash of perpetual contracts on US AI concept stocks may have originated on Binance, subsequently triggering cascading liquidations on Hyperliquid

Tread.fi CEO DYJ stated that this flash crash of US stock AI concept perpetual contracts initially originated on Binance. The first large active sell trade for SNDK occurred at 21:21:59.39, with a transaction volume of approximately $407,000 in that second, increasing to approximately $1.03 million in the following second; selling pressure on MU also began to materialize at 21:21:59. Subsequently, Hyperliquid saw its first batch of sweep orders at 21:21:59.87, which included SNDK's IOC orders and SOXL trigger orders. The primary selling activity was concentrated within an approximately 1.8-second window from 21:22:01.1 to 21:22:02.9, as roughly 10 addresses simultaneously established short positions in SNDK, SOXL, DRAM, SKHX, SKHY, and MU via IOC sell orders; a second wave of synchronized selling followed at 21:22:55.9. DYJ emphasized that all these orders were IOC, and none were reduce-only; rather, they represented newly opened short positions.