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This massive update looks more like a Google HTML update since the volatility is way too high. This is Google changing the html and throwing rank trackers off.
Similar to how a wordpress blog can update to a different theme with different css and html code underneath yet the content stays the same, that is what we are seeing. The organic position results aren’t moving it’s the rank trackers that use certain css names and classes to identify the positions that are screwing up cause of the new “HTML theme”. This thing happens about 2-3 times a year.
Most rank trackers can hide this by the fact they don’t display ALL the results. For example Ahrefs will update your ranking position once a week, if an error like this occurs they can hide it for 1-2 weeks without anyone knowing. Full SERP daily tracking can’t, so it seems more sensitive since we measure volatility. It’s going to be a rough week, but things will “magically” return to normal once the rank trackers have the new html code mapped.
I'm sure as shit glad you cleared that up. AHRefs is showing all KWs dropping out of search right now.