Yi Li Hua: The sharp drop was driven by multiple factors, with Meme frenzy sapping market liquidity and strangling meme coins.

BlockBeats News, October 11th, Liquid Capital (formerly LD Capital) founder Richard Li wrote that this was the first time he had fully liquidated since calling a bottom for ETH (on-chain disclosed). Previously, he had only used leverage for borrowing, and there are several reasons he can mention:

· First, Bitcoin rose to a new high pressure level, and without a major positive breakthrough, a pullback was imminent.

· Second, the U.S. stock market hit a new high, with AI and semiconductor companies engaging in fund rotation games that are unsustainable.

· Third, with Japan about to get a new prime minister, the risk of interest rate hikes is increasing, and interest rates have been rising.

· Fourth, altcoins in the crypto world have been falling into a slump, and the MEME frenzy has drained liquidity.