Crypto-exchange perpetual futures tied to U.S. AI stocks and semiconductor ETFs saw approximately $51.6 million in completed liquidations during a 10-minute flash drop on October 17, from 21:22 to 21:32 UTC. CoinGlass-derived figures put long liquidations at $38.1 million and shorts at $13.5 million. The largest affected contracts included $SOXL ($12.7 million), $SNDK ($10.8 million) and SK Hynix-linked contracts ($10.7 million).
These were leveraged derivatives traded on crypto venues, not liquidations of the underlying shares or a market-wide cryptocurrency liquidation total. An analysis by Tread.fiโs CEO attributed the initial selling to Binance before activity spread to Hyperliquid, but that sequence remains an analyst assessment, not an exchange-confirmed finding. The figures describe completed forced closures, not potential liquidations on a heatmap.
These were leveraged derivatives traded on crypto venues, not liquidations of the underlying shares or a market-wide cryptocurrency liquidation total. An analysis by Tread.fiโs CEO attributed the initial selling to Binance before activity spread to Hyperliquid, but that sequence remains an analyst assessment, not an exchange-confirmed finding. The figures describe completed forced closures, not potential liquidations on a heatmap.