Crypto derivatives trading in Indonesia rose 27% in one month. This morning, we saw the other side of derivatives: approximately $1 billion in positions liquidated within 10 minutes 😳 Data from OJK (November Board of Commissioners Meeting): · Crypto asset derivatives trading in September 2026: IDR 5.8 trillion, up 27.19% from August · Crypto asset trading: IDR 30.56 trillion, up 31.96% · Thus, derivatives account for roughly one-fifth of the value of regular crypto trading. Globally, according to CoinMarketCap Research cited by Sindonews, derivatives make up about 84% of total volume across the 10 largest exchanges. This means that in Indonesia, most users still trade spot markets—but derivatives are growing rapidly. Some local exchanges now offer futures with leverage up to 25x. Why can leveraged positions be wiped out in minutes: · 20x leverage means a price movement of just ~5% against your position can wipe out your initial margin. With fees and minimum margin requirements, it often happens even faster. · ETH dropped about 4.9% over the past 24 hours. · When many positions are liquidated simultaneously, prices can be pushed further, triggering additional liquidations. Leverage is a tool, not a sin. The key difference from spot trading: if you hold a spot coin and its price drops, you still own it. But a leveraged position that gets liquidated is gone entirely.