The real reason behind this brutal crash is finally clear.
According to Tom Lee (Fundstrat / BitMine), the crypto market suffered a massive liquidity shock on Oct 10–11, 2025: • $19–20B in liquidations • 1.6M+ positions wiped out
And the ones who got hit the hardest weren’t retail traders — it was the market makers.
Lee says liquidity providers — the “central banks of crypto” — saw their capital and risk models break down. So they pulled back, depth vanished, and liquidity thinned across the entire market.
As a result: • Upside is capped until liquidity returns • Downside risk is amplified, because even small sell pressure can trigger outsized drops
Lee expects the recovery to take around 8 weeks, similar to 2022. 👉 We’re currently in Week 6 of that repair phase.
Stay sharp — the market is still fragile. $BTC $ETH $BNB