Tom Lee is speculating that extreme selling pressure may be related to the following: 

Western policymakers seizing Oligarch assets = PEP on steroids = forced selling
Since policymakers in the West are now seizing Russian oligarch assets, there is a term that many fund managers are getting refreshers:

– PEP, or Politically Exposed Person
– having PEP as “investors” now poses risks for hedge funds, mutual funds, venture capitalists and private equity firms

– Thus, any fund with Russian oligarch money
– has a potential PEP

– the required response is likely these firms are doing mandatory redemptions of the capital from a PEP
– meaning, forced selling