Tread.fi CEO Links AI Stock Perpetual Selloff to $2 Million SanDisk Exit on Binance

Tread.fi CEO DYJ tied a selloff in perpetual contracts linked to U.S. AI stocks to a trader’s roughly $2 million SanDisk (SNDK) long-position exit on Binance, followed by short selling on Hyperliquid.

DYJ’s timeline shows about $407,000 in SNDK trading volume on Binance in one second, followed by about $1.03 million in the next. MU sell orders also began during the second interval. DYJ linked the initial decline to thin order-book depth.

On Hyperliquid, about 10 addresses submitted immediate-or-cancel sell orders across SNDK, SOXL, DRAM, SKHX, SKHY and MU within 1.8 seconds. A second synchronized round followed. DYJ characterized the orders as new short positions rather than reductions to existing ones.

During the first minute of concentrated selling, Binance recorded about $21.9 million in SNDK volume and $5.1 million in MU volume. Trade.xyz recorded about $3.1 million in SNDK and $300,000 in MU. Hyperliquid MU volume later reached $10.8 million and $9.5 million across two minutes. DYJ attributed that activity to cascading liquidations.