Nvidia Futures Top XRP in Crypto Liquidations as Jensen Huang’s Exit Sparks $2.14 Billion Surge
Nvidia futures trading volume reached a record $2.14 billion on Hyperliquid following the resignation of CEO Jensen Huang, surpassing XRP in crypto liquidations.
The daily trading volume of the NVDA-USDC perpetual contract on Hyperliquid reached a record $2.14 billion, according to CoinGlass. This contract, provided by the Trade.xyz protocol, surpassed Ethereum, Solana and XRP in trading volume, with only Bitcoin having higher volume on the exchange over the same period.
The surge comes amid the resignation of Jensen Huang, Nvidia's co-founder and only CEO in the company's history. Huang stepped down on Nov. 12 amid an internal investigation, with CFO Colette Kress taking over as interim CEO.
On Nasdaq, NVDA's price dropped by as much as 14% during the day but later recovered most losses, closing at $166.19, down 4.34%. Meanwhile, Nvidia futures on crypto exchanges rose by 5.6% to $171.17.
Crypto Liquidations
Sharp price movements cost leveraged traders $40.86 million in liquidations on crypto exchanges, according to CoinGlass. Of this amount, $26.23 million came from the on-chain ticker XYZ:NVDA, and $14.63 million from the base NVDA contract.
The largest single liquidation on Hyperliquid was a $1.54 million long position. In the base NVDA contract, $8.87 million in long positions and $5.89 million in short positions were liquidated.
Market Impact
The liquidations occurred amid a broader cryptocurrency sell-off. Bitcoin dropped below $70,000 to $69,450.50, down 5.3%, while Ethereum fell 4.1% to $1,958.71.
Over 24 hours, crypto exchanges liquidated 187,389 traders for a total of $1.65 billion, with 88% coming from long positions. Bitcoin traders lost the most at $919.56 million, followed by Ethereum traders at $297.24 million.
Nvidia is expected to report its quarterly earnings on Nov. 17, which may provide further clarity on the company's direction following Huang's unexpected departure.
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