Unitree Tech drops 17% intraday; trade.xyz volume tops $100M

The striking detail is the divergence between spot and synthetic exposure: a sharp A-share drawdown paired with heavy on-chain perp turnover but falling open interest, which points to traders closing positions into the move rather than building new ones. The modest largest liquidation suggests the decline was not driven by a single forced unwind, but by broad, orderly selling. For RWA watchers, this is a test case in whether tokenized equity derivatives can absorb volatility without amplifying it; whether open interest stabilizes or keeps bleeding is the open question.