Tom Lee: The recent sell-off is partly due to market makers who suffered losses in the 1011 incident.

According to Odaily Planet Daily, BitMine Chairman Tom Lee stated in an interview with CNBC that the recent sell-off stemmed partly from market makers affected by the 10/11 incident, and not just one. These market makers have deficits on their balance sheets and need to replenish funds, thus shrinking their balance sheets, reducing trading, and selling tokens. If the prices of mainstream tokens continue to fall, they will need to sell even more tokens to ensure they have cash on hand.