Fragile Derivative Structure: The enormous derivatives market (such as futures and options) exacerbates market fragility. Before the crash, the net long positions held by hedge funds and speculators were at historically high levels. This means that once the market reverses, there will be a lack of sufficient buying support, making it prone to a sell-off. At the same time, a large number of options positions are concentrated in specific price ranges, and when prices fall below that range, it triggers concentrated selling by institutions to hedge risks (Gamma squeeze), which compounds with the sell-off from algorithmic trading, amplifying the decline.