U.S. stocks were closed, but crypto took a first dive on their behalf? 😅
Between 5:22 and 5:32 a.m. Beijing time on Sunday, perpetual contracts tied to U.S. AI stocks staged a 10-minute flash crash: SOXL (a 3x leveraged semiconductor ETF) contracts fell 5.45%, SanDisk (SNDK) dropped 3.6%, and Micron (MU) fell 3.42%. CoinGlass data shows that liquidations across the market for AI stock and semiconductor ETF perpetuals totaled about $51.6 million, with longs accounting for nearly 74%—SOXL alone saw $12.73 million liquidated.
During the same period, BTC first dropped $1,000, then bounced back $1,200. ETH fell from $2,420 to $2,360, then recovered to $2,410. Both longs and shorts got squeezed.
My take: this is the usual weekend problem with perpetual markets—U.S. stocks are closed and the order books are paper-thin, so a market order worth a few million dollars can push prices into a wick, triggering liquidations that compound into a chain reaction. Tread.fi’s CEO found in a post-mortem that the first large sell order appeared on Binance, with other platforms following seconds later. That suggests the fundamentals hadn’t changed; it was a liquidity-structure issue. Talk of “Black Monday” is already heating up, but historically, when “Black Monday” is being shouted from the rooftops, markets often move the other way. Kobeissi Letter even came right out and said the S&P 500 could surge to a record high of 8,000.
A heads-up for anyone holding stock tokens like SOXL: U.S. stock perpetuals trade 24/7, so while you’re asleep over the weekend, they’re still moving. Don’t let your position get too large over the weekend. Monday’s U.S. market open will be the real test: if semiconductor stocks keep falling, the perpetual market will have priced it in ahead of time; if they open higher, this flash crash will have been a false alarm. I’ll keep tracking these U.S. stock-linked indicators—follow me to stay in the loop.
Data as of: 2026-10-18 02:46 UTC
Sources: Odaily; AnalyticsInsight (compiled)
For informational purposes only; not investment advice.
What do you think: was this weekend’s flash crash a shakeout by big players, or a preview of “Black Monday”?
$SOXL $BTC $ETH
Between 5:22 and 5:32 a.m. Beijing time on Sunday, perpetual contracts tied to U.S. AI stocks staged a 10-minute flash crash: SOXL (a 3x leveraged semiconductor ETF) contracts fell 5.45%, SanDisk (SNDK) dropped 3.6%, and Micron (MU) fell 3.42%. CoinGlass data shows that liquidations across the market for AI stock and semiconductor ETF perpetuals totaled about $51.6 million, with longs accounting for nearly 74%—SOXL alone saw $12.73 million liquidated.
During the same period, BTC first dropped $1,000, then bounced back $1,200. ETH fell from $2,420 to $2,360, then recovered to $2,410. Both longs and shorts got squeezed.
My take: this is the usual weekend problem with perpetual markets—U.S. stocks are closed and the order books are paper-thin, so a market order worth a few million dollars can push prices into a wick, triggering liquidations that compound into a chain reaction. Tread.fi’s CEO found in a post-mortem that the first large sell order appeared on Binance, with other platforms following seconds later. That suggests the fundamentals hadn’t changed; it was a liquidity-structure issue. Talk of “Black Monday” is already heating up, but historically, when “Black Monday” is being shouted from the rooftops, markets often move the other way. Kobeissi Letter even came right out and said the S&P 500 could surge to a record high of 8,000.
A heads-up for anyone holding stock tokens like SOXL: U.S. stock perpetuals trade 24/7, so while you’re asleep over the weekend, they’re still moving. Don’t let your position get too large over the weekend. Monday’s U.S. market open will be the real test: if semiconductor stocks keep falling, the perpetual market will have priced it in ahead of time; if they open higher, this flash crash will have been a false alarm. I’ll keep tracking these U.S. stock-linked indicators—follow me to stay in the loop.
Data as of: 2026-10-18 02:46 UTC
Sources: Odaily; AnalyticsInsight (compiled)
For informational purposes only; not investment advice.
What do you think: was this weekend’s flash crash a shakeout by big players, or a preview of “Black Monday”?
$SOXL $BTC $ETH