There are a lot of people who are not involved in the trading but who none the less are affected as the market spirals down, and takes all value with it.
Value, if you mean money, is simply transferred. One person had it, now another person has it. The money didn't disappear. The person who now has it will put it to work earning a return. The value of the market has not disappeared. The true value of the market, now pay attention, because this is critical to capitalism, the true value of the market is to provide perfect price information, perfect product information, and the ability to easily enter and exit the market. THAT is the value of the market. The only thing that is not perfect (that's an economic term, by the way, not every day usage) is price information. It's not technically possible to have instantaneous price information given network latency. The closest thing you can get to perfect price information is trading FOREX pairs. But then you can't explicitly cover your positions since futures and options are traded on a different exchange. You have to arbitrage to achieve that.