[Pantera Capital Partner Speculates Recent Crypto Market Sell-Off Triggered by Large Asian Entity] Franklin Bi, General Partner at Pantera Capital, speculated in a post on the X platform that the recent large-scale sell-off in the crypto market was not driven by a crypto-focused trading firm but rather by a large Asian entity from outside the crypto space. This entity had limited crypto trading counterparts, which is why it went unnoticed by the crypto community. Franklin Bi speculated that the entity engaged in leveraged trading and market-making on Binance → closed yen arbitrage trades → faced an extreme liquidity crisis → received approximately a 90-day grace period → attempted to recover losses through gold/silver trading but failed → was forced to close positions this week.