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Tom Lee pointed out that the gap in market makers and the operations of large traders triggered a sharp short-term drop in Bitcoin and Ethereum, but he stated that this is just a healthy adjustment in the supercycle, and now is not the time to use leverage. (Background: 1011 The first body after the big collapse: Stream 'Fake Neutral Strategy' exposed) (Background supplement: Michael Saylor comments on Bitcoin's decline: If you want to ride a rocket, you have to endure pressure! Buying BTC plans will be announced next week) Bitcoin fell below $100,000, and Ethereum dropped by 10% in a week, with the crypto market once again staging a 'explosion drama' in mid-November. BitMine chairman and Wall Street analyst Tom Lee believes that the real pressure comes from the liquidity shrinkage of market makers and the arbitrage selling by large traders, and this 'pain' will not change Wall Street's long-term layout for Ethereum. He also warned traders that now is not the time to use leverage; it is important not to be liquidated! To me, the weakness in crypto has all the signs – of a market maker (or two) with a major “hole” in their balance sheet. Sharks are 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. Two major mainstream coins lead the decline. Since the 11th, Bitcoin (BTC) prices have fallen from the October high of $126,000, slipping below the $100,000 mark in just three days, and once dropped to $97,000, with a weekly decline of over 5%. After $524 million flowed into Bitcoin spot ETFs on the 11th, $278 million and $866.7 million flowed out on the 12th and 13th respectively, accelerating the selling pressure. Ethereum (ETH) is even more fragile, with prices dropping from the $3,600 level to the $3,060 – $3,200 range, a weekly decline of over 10%. The US spot Ethereum ETF has seen a cumulative outflow of about $1.4 billion since late October; on-chain data shows that long-term holders are exiting at the fastest pace since 2021. This round of fluctuations has triggered over $1.1 billion in high-leverage positions to be liquidated, with hundreds of thousands of traders exiting, leading market sentiment to quickly shift to 'extreme fear.' The gap in market makers and 'shark' arbitrage. Tom Lee pointed to the core of the problem: the balance sheets of one to two key market makers show a 'major gap.' In the context of continued balance sheet reduction by the Federal Reserve and global liquidity contraction, market makers' available funds have decreased, and the depth of quotes has thinned. Large traders take advantage of this weakness to trigger chain liquidations through concentrated selling, lowering prices before buying again or engaging in contract arbitrage, forming what he calls the 'shark game.' Lee emphasizes that this is not a systemic crisis but a necessary stage in the deleveraging process. He stated: The weakness in cryptocurrency has all the signs: one to two market maker gaps, plus shark selling attempting to trigger liquidations. This pain is short-term and will not shake the Ethereum supercycle. BitMine has currently accumulated about 3.3 million ETH, accounting for 2.8% of the circulation, becoming direct proof of betting on the supercycle. Tom Lee also proposed a mid to long-term price target range for Ethereum of $12,000 to $15,000. Tom Lee's price outlook for this year has drawn ridicule from many in the community, but he has not changed direction. Related reports: White House Chief Economic Advisor Hassett: Expected Q4 GDP to drop sharply by 1.5%, government shutdown for 43 days has severely impacted the US economy. The US government shutdown for 35 days ties the 'longest record,' liquidity has been drained, Bitcoin and US stocks have plummeted. 'Tom Lee: Now is not the time to use leverage! This wave of sharp declines is just market makers in crypto "chewing money"' This article was first published in BlockTempo (the most influential blockchain news media).

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