{"id":59604,"date":"2025-11-21T00:01:31","date_gmt":"2025-11-21T00:01:31","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=59604"},"modified":"2025-11-21T00:01:31","modified_gmt":"2025-11-21T00:01:31","slug":"systematic-crypto-dump-multicoin-co-founder-smells-a-massive-forced-seller","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=59604","title":{"rendered":"Systematic Crypto Dump? Multicoin Co-Founder Smells A Massive \u2018Forced Seller\u2019"},"content":{"rendered":"
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Persistent, programmatic selling across major crypto assets has sparked fresh speculation that the market is still digesting cascading liquidations from October 10 \u2014 and that at least one large player is being unwound in the background.<\/p>\n

On November 19, Multicoin Capital co-founder Tushar Jain wrote<\/a> on X that \u201cit feels like a big forced seller is in the market,\u201d adding that \u201cwe are seeing systematic selling during specific hours.\u201d He linked the pattern directly to the October 10 liquidation shock, calling it \u201cprobably a consequence of 10\/10 liquidations\u201d and concluding: \u201cHard to imagine this scale of forced selling continues for much longer.\u201d<\/p>\n

Jain has framed the current tape through the lens of his experience in 2022. On October 11, one day after the 10\/10 flush<\/a>, he warned that \u201cit takes some time for all the bankruptcies to reveal themselves after a big liquidation flush like this.\u201d According to him, in such episodes \u201cbig trading shops are running around trying to figure out what their exposure to insolvent counterparties is and that takes time.\u201d When asked how long this process can last, he answered that \u201csometimes it takes weeks. Sometimes it takes months. It depends on what people do to try and patch the holes.\u201d<\/p>\n

That delayed discovery of losses is central to the emerging \u201cforced seller\u201d narrative. Rather than a single cathartic event, the 10\/10 wipeout is being treated by professionals as the starting point of a longer adjustment, where risk is reduced gradually as lenders, counterparties and risk desks work through opaque exposures.<\/p>\n

Systematic Sell Pressure Points To Forced Crypto Seller<\/h2>\n

Other market participants are publicly describing a similar pattern. LondonCryptoClub wrote that it \u201cincreasingly feels like someone out there being forced to liquidate a portfolio,\u201d highlighting the \u201cconstant mechanical nature of the selling (in US hours).\u201d Drawing on their foreign-exchange background, they compared this to periods in FX where unexplained flows later turned out to be related to large corporate or M&A-driven mandates, summarizing the current environment as a \u201cflow driven market\u201d and concluding: \u201cA dead body will probably float to the surface soon.\u201d<\/p>\n

ETF analyst James Seyffart responded to Jain\u2019s post by asking whether anyone had \u201cany theories or guesses on who it could be if this were true,\u201d underscoring that there is, so far, no credible public attribution.<\/p>\n

Rumors about structural damage surfaced almost immediately after the October event. On October 12, The Rollup Co founder Andy Klages wrote<\/a> that the \u201crumor mill [is] currently saying two large trading firms were liquidated to zero,\u201d describing a setup where they allegedly \u201cowned a book of top 100 mcap tokens which were collateralized against each other in size ($1B+) & became forced market sellers of their entire book.\u201d<\/p>\n

Related Reading: Hyperliquid At Risk In Democrats\u2019 Crypto Crackdown? ZachXBT Warns Of Potential Risks<\/a><\/p>\n

No firm fitting that description has publicly confirmed such a loss, but the structure Klages outlines matches what many professionals see as a key fragility: cross-collateralized altcoin books used as funding and margin.<\/p>\n

Fundstrat\u2019s and Bitmine\u2019s Tom Lee <\/a>independently argued on November 15 that the price action \u201chas all the signs of a market maker (or two) with a major \u2018hole\u2019 in their balance sheet,\u201d describing \u201csharks circling to trigger a liquidation \/ dumping of prices BTC.\u201d He characterized the resulting pain as short-term and explicitly stated that it \u201cdoes not\u201d change his view on \u201cthe ETH supercycle of Wall Street<\/a> building on blockchain.\u201d<\/p>\n

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To me, the weakness in crypto has the all the signs<\/p>\n

\u2013 of a market maker (or two) with a major \u201chole\u201d in their balance sheet<\/p>\n

Sharks circling to trigger a liquidation \/ dumping of prices $BTC<\/a><\/p>\n

Is this pain short-term? Yes<\/p>\n

Does this change the $ETH<\/a> supercycle of Wall Street\u2026 pic.twitter.com\/0jfkXYnfv9<\/a><\/p>\n

\u2014 Thomas (Tom) Lee (not drummer) FSInsight.com (@fundstrat) November 15, 2025<\/a><\/p>\n<\/blockquote>\n

For now, there is no \u201cdead body\u201d on the surface: no major market maker or trading shop has publicly disclosed insolvency linked to October 10, and the identity of any alleged forced seller remains unknown.<\/p>\n

But the consistency of the reports \u2014 systematic US-hours sell programs, rumors of cross-collateralized books blown out, and references to hidden balance-sheet holes \u2014 suggests that, weeks after the 10\/10 shock, crypto markets may still be trading under the weight of positions that are being unwound because they have to be, not because anyone wants them to be.<\/p>\n

At press time, the total crypto market cap stood at $3.1 trillion.<\/p>\n

\"Total<\/div>\n","protected":false},"excerpt":{"rendered":"

Persistent, programmatic selling across major crypto assets has sparked fresh speculation that the market is still digesting cascading liquidations from October 10 \u2014 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 \u201cit feels like a big forced seller […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-59604","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/59604","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=59604"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/59604\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=59604"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=59604"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=59604"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}