Media analysis pointed out that this wave of selling seems to be caused by a "time-triggered" algorithmic program that triggered sell orders at the same time in the past 7 trading days (10 a.m. Eastern Time every day◇just after the U.S. market opened). It is worth noting that this algorithm is still running on weekends, which may lead to high-frequency trading (HFT)-driven selling and shorting, forcing leveraged long investors to admit defeat.
Data shows that the crypto "market maker" JumpTrading is liquidating hundreds of millions of dollars in positions, trying to aggressively reprice cryptocurrencies by selling and shorting billions of dollars of various cryptocurrencies during the market hours with the worst liquidity, while repeatedly eating up buy orders to ensure the worst execution price.