BitMine Chairman Tom Lee believes the latest wave of crypto weakness has little to do with macro trends, and everything to do with stress inside one or more major market makers. In a series of comments shared on X, Lee said the current sell-off “has all the signs” of a liquidity hole on a trading desk, with larger players (“sharks”) circling to trigger forced liquidations and push Bitcoin lower.
According to Lee, this environment creates sharp, unnatural price swings that look technical on the charts but actually stem from attempts to flush out a vulnerable counterparty. He described the situation as uncomfortable but temporary, noting that episodes like this rarely last long once the imbalance is resolved.
To me, the weakness in crypto has the all the signs
– of a market maker (or two) with a major “hole” in their balance sheet
Sharks circling to trigger a liquidation / dumping of prices $BTC
Is this pain short-term? Yes
Does this change the $ETH supercycle of Wall Street… pic.twitter.com/0jfkXYnfv9
— Thomas (Tom) Lee (not drummer) FSInsight.com (@fundstrat) November 15, 2025
Despite the volatility, Lee stressed that nothing has changed regarding Wall Street’s growing commitment to Ethereum and the broader blockchain sector. He described the ETH supercycle narrative, driven by institutional infrastructure, staking yields and financial-market integration, as fully intact.
Lee also reiterated a warning to traders: this is “not a time to use leverage.” In markets where a single distressed balance sheet can move prices violently, borrowed positions face the highest risk of liquidation. His forecast suggests the worst of the turbulence may fade within 6–8 weeks, putting the post-Thanksgiving period on watch for the first signs of recovery.
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