Lily you are talking like market moves have deterministic and identifiable causes. Most of the time you **can't** tell what moved stocks, especially in the short term. If you could then trading would be easy.
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2. the degrossing story on its own is obviously not responsible, because degrossing involves buying and selling the same amount of stock -- it wouldn't move the market in net!
You would need *denetting* (i.e. HFs or whoever else) trying to get less long the market in order to cause a big sell off. We saw some of this yesterday but likely not enough to move the market.
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Liquidity/microstructure is *obviously* part of the explanation but that is not saying anything, because liquidity just means "how much the market moves for a given amount of volume", i.e. liquidity on its own can never be an explanation, ...
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... it needs to be accompanied by a reason why there is more sell volume than buy volume.
End of conversation
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