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BlockBeats News, March 26, according to Hyperinsight monitoring, in nearly 1 hour, the total liquidation amount of S&P500 (S&P 500 Perpetual Contract) reached $11.7 million, ranking third in scale only after BTC and ETH. It is reported that almost all of this liquidation amount came from the same address on Hyperliquid, attributed to a whale with an address starting with 0x965. It is reported that the trigger for this liquidation was not a significant drop in the S&P 500 itself, but a temporary decline in BTC affecting account margin, causing the full-position S&P500 long position opened by this address to be under pressure. A total of 1779.8 long positions were liquidated in a short period, totaling about $11.63 million, with a loss of about $195,000 recorded.

ChainCatcher news: In the options market, implied volatility has slightly declined, the curve maintains a mild positive spread, and demand for downside hedging still exists but has not reached an extreme level. Geopolitical risk premium continues to be reflected in volatility pricing. Currently, BTC has neither fully followed the high-beta logic of the stock market nor established steady safe-haven demand. Market movements remain mainly driven by news, and a clear trend is unlikely to develop in the short term until macro or geopolitical conditions become clearer.

On Thursday, most emerging market stock markets fell sharply as investors fled risk assets and awaited clear signals on whether the Iran war could truly de-escalate. The MSCI Emerging Markets Index fell by 1.6%, nearly erasing all of the previous session's rebound gains.This month, the index has dropped by more than 10% in total, and its year-to-date gains have narrowed to just 3%, with a strong start to the year largely eaten away. At the same time, the emerging markets currency index also fell by 0.4%, reflecting the persistent rise in risk aversion.The South African market is facing double pressure: the stock market fell nearly 2% and the rand weakened by 0.4%. Markets widely expect the South African central bank to keep interest rates unchanged at 6.75%, as inflation is gradually returning to its target range, but economic growth remains weak. Energy-driven inflation shocks are putting the South African central bank and many of its emerging market peers in an increasingly difficult position.Poland is considering cutting fuel taxes to ease oil price pressures, but the country already has one of the largest budget deficits in the EU, which limits its policy space. Hungary, meanwhile, announced it will gradually halt gas shipments to Ukraine until crude oil deliveries via the Druzhba pipeline are restored.From Warsaw to New Delhi, from São Paulo to Seoul, emerging market economies are taking measures to respond to the month-long geopolitical conflict. With the Strait of Hormuz effectively closed and oil prices surging, central banks across emerging markets have been forced to reassess their policy paths—at the start of the year, some were planning to cut rates, but now they must consider whether the next step should be a shift toward rate hikes.