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Bitcoin, Ether and perpetual futures tied to artificial intelligence stocks fell sharply during weekend trading on October 17–18 before recovering part of their losses. The moves triggered forced closures of leveraged positions and renewed online discussion about a possible “Black Monday” when traditional stock markets reopen.
Bitcoin lost about USD 1,000 before recovering about USD 1,200, according to weekend price action. Ether dropped from around USD 2,420 to USD 2,360 before returning toward USD 2,410. Both assets continued trading while US stock exchanges remained closed.
By October 18, Bitcoin traded near USD 81,758.98, while Ether stood at approximately USD 2,416.25. The swings followed a weak period for risk assets. Inflation concerns and falling technology shares had already pressured cryptocurrency prices, following the Bitcoin selloff linked to higher US inflation.
The weekend selloff extended to perpetual futures tracking technology companies and semiconductor funds. Contracts linked to the Direxion Daily Semiconductor Bull 3X Shares fund, known as SOXL, fell about 5.45%. Contracts tied to Sandisk (SNDK) and Micron (MU) dropped 3.6% and 3.42%, respectively, before rebounding.
CoinGlass figures cited in market reports put liquidations across AI-related stock and semiconductor futures at approximately USD 51.6 million within 10 minutes. Long positions accounted for about USD 38.1 million, compared with USD 13.5 million in shorts. SOXL contracts led the losses at around USD 12.7 million.
Tread.fi chief executive DYJ reported that early selling appeared on Binance before a later wave of liquidations on Hyperliquid. That sequence remains an analyst’s assessment, not a confirmed explanation. Similar forced selling has featured in previous crypto market liquidation events.
The decline did not produce a clear shift toward bearish positioning in perpetual futures. October 18 readings placed Bitcoin and Ether funding rates mostly between 0.005% and 0.01%, although conditions differed across trading platforms.
Funding rates represent payments between traders holding long and short contracts. Positive rates show that traders betting on rising prices pay those betting on declines. Ether futures showed somewhat stronger positioning than Bitcoin, but the readings did not establish a broad bullish trend. Recent Bitcoin futures market analysis had already identified liquidation clusters near prevailing prices.
The flash crash prompted social media discussion about whether US equities could suffer another selloff on Monday, October 19. The Kobeissi Letter argued that widespread expectations of a “Black Monday” do not guarantee one, pointing to the possibility of a market rebound. Its suggestion that the S&P 500 could eventually reach 8,000 remains a forecast, not an established outcome.
Meanwhile, AFP reported a Ukrainian drone attack on St. Petersburg on October 18. St. Petersburg Governor Alexander Beglov said the attack sparked a fire at the city's oil terminal. Officials reported disruptions at Pulkovo Airport as air defenses responded to drones.
The attack followed the collapse of a proposed pause in strikes on energy facilities. President Volodymyr Zelenskyy had announced that Ukraine would resume strikes after further Russian attacks. Although the escalation coincided with volatile trading, no verified evidence links it to the futures selloff. Investors still face the reopening of major stock markets on Monday.
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