Tom Lee: October liquidations hit market makers hard, crypto enters weak liquidity phase Bitmine Chairman Tom Lee stated in a CNBC interview on November 21 that the crypto market has been limping since October 10, due to an unusually large liquidation on that day which severely impacted market makers' balance sheets, significantly weakening liquidity. He pointed out that market makers in the crypto ecosystem are akin to central banks, and once forced to shrink their balance sheets, it triggers weeks-long deleveraging effects. In a fragile liquidity environment, Bitcoin and Ethereum often react to risks earlier than U.S. stocks, serving as a sort of leading indicator. Source: CNBC