Tom Lee acknowledged that the recent sell-off partly stemmed from market makers affected by the 10/11 incident, and not just one. These market makers' balance sheets showed significant deficits, requiring them to replenish their available funds. Consequently, they instinctively shrank their balance sheets, reduced trading, and sold tokens. If the prices of mainstream cryptocurrencies continue to fall, they will have to sell even more tokens to ensure they have sufficient cash reserves.