Most times it is hard to say what causes a sell off, so take this with a pitch of salt.
It seems that, increasing lock downs due to increased infections in Europe has caused those markets to sell off, which in turn has led to people selling off stocks in the US.
This leads to people reducing there risk, and crypto is high on the list of risky assets.
The same domino effect happens again within crypto. Once Bitcoin and Ethereum sell off people start reducing there riskier assets, in this case Defi.
I'm still with in my plans, so I will be holding. While I am overweight Ethereum I am not overly exposed to Defi. Still that overweight ethereum is hurting at the moment.
Stay safe out there.
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