In a recent CNBC interview, Bitmine Chairman Tom Lee highlighted the impact of significant liquidations on the crypto market since October 10. Lee explained that these liquidations have severely affected market makers' balance sheets, leading to a phase of weakened liquidity. He described market makers as the "central banks" of the crypto ecosystem, noting that their reduced balance sheets trigger a multi-week deleveraging cycle. Under these conditions, Lee pointed out that Bitcoin and Ethereum often react to market risks sooner than equities, serving as early indicators for broader market trends. This fragile liquidity environment underscores the sensitivity of cryptocurrencies to market dynamics.