Persistent, programmatic selling across major crypto assets has sparked fresh speculation that the market is still digesting cascading liquidations from October 10 — and that at least one large player is being unwound in the background.

On November 19, Multicoin Capital co-founder Tushar Jain wrote on X that “it feels like a big forced seller is in the market,” adding that “we are seeing systematic selling during specific hours.” He linked the pattern directly to the October 10 liquidation shock, calling it “probably a consequence of 10/10 liquidations” and concluding: “Hard to imagine this scale of forced selling continues for much longer.”

Jain has framed the current tape through the lens of his experience in 2022. On October 11, one day after the 10/10 flush , he warned that “it t

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