During the recent Bitcoin and Ether price slump, thousands of derivative traders experienced significant losses as their hedged positions were liquidated. This led to billions of dollars worth of positions being liquidated, with some traders losing millions of dollars in a single trade. In the past 24 hours, a total of 176,752 traders were liquidated, with 90% of these liquidations occurring within the last 12 hours. This sudden rise in price volatility comes after BTC and ETH recorded their lowest daily volatility in several years. Among the numerous liquidations, two stood out for their sheer scale. One trader on Binance’s ETHBUSD contract lost $55.9 million, while another trader on the BTCUSDT contract lost nearly $10 million. This event marks the largest liquidation in the crypto market in the past eight months. The price slump can be attributed to various factors, including the SpaceX Bitcoin write-down and the macroeconomics of BTC and ETH trading in a range for the past few months. The liquidity in the crypto market has also been low, with major exchanges like Coinbase experiencing a decline in trading volume.