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Tread.fi CEO DYJ analyzed that the crash of perpetual contracts for AI concept stocks in the US stock market began with Binance, where a trader liquidated about $2 million in SNDK long positions, causing a sharp drop. Binance SNDK was the first to experience large-scale sales, with a transaction volume of approximately $407000 per second and $1.03 million per second; MU also started selling at the same second. Hyperliquid subsequently appeared as a scan order, with approximately 10 addresses submitting IOC sell orders to SNDK, SOXL, DRAM, SKHX, SKHY, and MU within 1.8 seconds. During the first round of sales, Binance SNDK and MU had transaction volumes of approximately $21.9 million and $5.1 million, respectively, while Trade.xyz had corresponding transaction volumes of approximately $3.1 million and $300000. The MU transaction volume on Hyperliquid subsequently increased to 10.8 million US dollars and 9.5 million US dollars respectively within two minutes, which originated from chain clearing.