Liquidations of positions on perpetual futures tied to semiconductors caused approximately $51.6 million in losses in just 10 minutes on October 18, 2026, while US markets were closed. Long positions accounted for 73.8% of total liquidations, totaling $38.1 million. SOXL was the hardest hit with $12.73 million in liquidations, followed by SanDisk ($10.85 million), SK Hynix ($10.72 million), SOXS ($9.07 million), and Micron ($4.40 million). The event unfolded entirely on crypto-native derivatives platforms where equity perpetual contracts trade around the clock. No specific catalyst for the drop was immediately identified.
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