No, it was people getting shaken out. IMO it's people that trade using time and sales. They see all that action and think OH SHIT, I better sell!!! Because level 2 didn't really collapse at all during those sells.
"Sort of" is such a harmless thing to say. "Sort of". It's just a filler. "Sort of" - It doesn't really mean anything. But after certain things, "sort of" means everything. Like after "I love you" or "You're going to live" or "It's a boy".