Overview
- Multicoin’s Tushar Jain reported systematic selling during specific U.S. hours on Nov. 19, describing activity consistent with a large forced seller tied to the Oct. 10 liquidations.
- Tom Lee said market makers likely took balance-sheet hits in the crash, compared the process to 2022, and projected a few more weeks before conditions stabilize.
- Multiple observers describe the flows as mechanical and concentrated in U.S. trading, suggesting reduced liquidity provision and programmatic risk reduction.
- A Binance pricing glitch during a USDe depeg triggered automated liquidations on Oct. 10; the exchange said it would refund affected users and adjusted systems to prevent repeats.
- Prices remain below pre-crash levels with bitcoin near $86,900 versus above $121,000 before Oct. 10 and total crypto market capitalization around $3.1 trillion, while no firm has confirmed insolvency.