What to know:
- The XPL open interest, once a bustling metropolis, now lay in ruins, its 80% gone overnight as the token’s price soared like a phoenix-only to incinerate traders in its wake. 🌪️💸
- A leviathan of a whale, long in the XPL, set off a chain reaction of liquidations, pocketing $16 million in profits while still clinging to a $10 million exposure like a miser with a gold coin. 🐋🧠
- Losses, like a shadow, loomed over smaller traders, some claiming to be “hedged” with minimal leverage, just days before Plasma’s XPL token officially launched-a spectacle of chaos. 😢🤯
The futures market for Plasma’s unreleased XPL token on decentralized exchange Hyperliquid experienced one of its most volatile trading episodes to date, with more than $160 million in open interest wiped out in less than 10 minutes. A meteorite of liquidation, it descended with the grace of a drunk ballerina. 🤯💸
More than 80% of outstanding positions were liquidated, collapsing open interest from $160 million to just $30 million while clearing out the entire sell-side of the order book-a financial apocalypse in slow motion. 🌍💥
One trader wrote how they were trying to “hedge their XPL position with 1x leverage,” only for price to be “manipulated” resulting in the loss of $1.4 million. A tragicomedy of errors, if ever there was one. 😂💸
The price of XPL spiked to as high as $1.80, rising by more than 200% within two minutes to spur a series of massive liquidations. A rollercoaster with no seatbelts. 🎢💸
One trader reportedly triggered the carnage by going long tens of millions of dollars in XPL, effectively emptying the order book and forcing a cascade of auto-deleveraging. A financial Jenga tower, toppling with glee. 🤯🏗️
The wallet netted $16 million in profits within a minute of unwinding part of the position, while still maintaining a long exposure of over 15 million XPL worth $10 million. A masterclass in greed and hubris. 🧠💸
Another trader, known on X as Techno_Revenant, closed a $20 million long via auto-deleveraging and netted nearly $25 million in gains. Others were less fortunate: “1x no leverage, account destroyed, only hedging 50% xpl allocation,” X user StableDruid wrote. A tale of two traders, one with a smile, the other with a sob. 😎😢
The chaos comes just days before the official launch of Plasma’s XPL token. Plasma, a stablecoin-focused blockchain backed by Founders Fund, Framework Ventures, and Bitfinex, recently filled a $250 million USDT yield program on Binance in under an hour. A symphony of wealth, conducted by the gods of crypto. 🎻💸
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2025-08-27 15:49