Tom Lee, Chairman of Bitmine, analyzed the recent cryptocurrency market crash, attributing it to sentiment shocks and leverage, despite strong crypto fundamentals. The crash saw Ethereum and Bitcoin drop 40% and 30% respectively over the past 10 days. Lee noted that record trading volumes in BlackRock's IBIT ETF and options, driven by U.S. trading activity, amplified the downturn. The removal of ETF options caps expanded leverage, exacerbating market volatility. Lee highlighted that the selloff was not due to exchange liquidations but rather U.S.-led leverage. He pointed out that similar volatility has occurred in past cycles, with Ethereum experiencing significant drawdowns multiple times since 2018. Lee contrasted the current downturn with past events like the 2022 NFT failures, emphasizing that recent pressures stemmed from external factors, including market shocks and geopolitical events. Analysis from Parker, shared on X, indicated that IBIT posted its highest-ever trading volume at $10.7 billion, with options premiums reaching $900 million. The removal of options contract caps by Nasdaq, approved by the SEC, further expanded leverage, contributing to the market's instability. Despite the downturn, Lee noted that Bitcoin has never posted a negative four-year return, and Ethereum continues to show strong usage growth.