Why derivatives markets are the most fragile in times of correction?

I read an article about bitcoin derivatives which has been skyrocketing lately. The author wrote at the end of the article:

"Derivatives markets are the most fragile in times of correction,
triggering a cascade of liquidations, as was seen on March 12, 2020
(«Black Thursday») when several funds had to close shop. At that time,
several billion dollars worth of outstanding derivative contracts had
to be marked-to-market in real time (real-time margining) and rapidly
liquidated in the midst of free-falling spot prices, with only tens of
millions of dollars of liquidity. "

I don’t really understand the mechanics of what was written. Can someone please explain to me what (and why) are the liquidity dangers of derivatives at times of corrections/volatility ?

Thanks