It seems Tom Lee might have been right about the October 10th crash 🤔
According to the co-founder of Delphi, Tom Lee’s view actually makes a lot of sense. If we assume that on October 10th a market maker suffered a major financial hit and even threatened legal action against an exchange, the most logical response from the exchange would be to sell off its accumulated profits to cover the losses. In that kind of situation, selling wouldn’t be selective. Anything with liquidity would get sold — a classic case of indiscriminate dumping to cover losses. At first, this scenario didn’t fully convince me. If market makers had taken heavy losses, they would normally need to buy back their altcoin positions, which should have led to a recovery in altcoins. But that didn’t happen — alts stayed weak. So what explains this? A more plausible explanation is that market makers understand one key thing: when exchanges sell BTC, altcoins usually drop much harder than BTC. Because of this, they don’t rush to buy back immediately. Instead, they wait for altcoins to be pushed lower, then step in at cheaper prices — allowing them to both rebuild their positions and profit from the price imbalance. Another important detail is that market makers know exactly when an exchange finishes selling BTC, since they are the ones waiting to be paid. That’s why their buying activity typically appears only in the final stage, once the exchange’s selling pressure has dried up. Narratives like “quantum” or “Japan” may spread easily, but I don’t believe they are the real drivers behind this decline. Overall, it feels like the indiscriminate selling pressure is close to ending, and the market could be setting up for a rebound soon. That said, this is purely personal speculation based on market behavior and rumors, with no confirmation so far. ETHUSDT | PERP $ETH $BTC $SOL #Bitcoin #BTC #Ethereum #ETH #Altcoin s #CryptoAnalysis #CryptoMarket #BTCUSDT #ETHUSDT #BinanceSquare