TOM LEE (BITMINE CHAIRMAN) SAYS THE CRYPTO MARKET WEAKENED SINCE OCTOBER 10 DUE TO A HUGE LIQUIDATION SHOCK THAT "BROKE THE MARKET MAKERS' legs"

🔹 Market makers in crypto are like "central banks" providing liquidity, so when they lack capital, they have to sell assets, causing prices to drop further
🔹 The liquidation stemmed from a stablecoin price error on a stablecoin exchange that should have maintained a $1 USD peg but dropped to $0.65, triggering automatic ADL mass liquidation
🔹 The liquidation spread to other exchanges, wiping out nearly 2 million accounts in just a few minutes, despite those accounts being profitable before
🔹 Tom Lee says this is similar to a "code bug" in the market, akin to financial crises in 1987 and 2009, but it did not lead to regulatory tightening like on Wall Street
🔹 Tom Lee did not disclose the identities of the affected market makers, only saying he knows but "it's not convenient to name them"
🔹 He predicts the market needs about 2 more weeks to fully process the aftermath, similar to the 8-week liquidation cycle in 2022
🔹 Tom Lee believes crypto is ahead of stocks because of liquidity shortages and being liquidated first, so sometimes Bitcoin drops before the stock market

PS. Actually, Thuận listened to this clip several times, still not clear what Tom Lee wants to say, but he looks very tired...