CRYPTO DIDN’T BREAK -- MARKET MAKERS DID. Tom Lee says the real reason $BTC and $ETH have been bleeding since Oct 10 is the massive liquidation shock that crippled market makers. A stablecoin mispricing triggered ADL across exchanges, wiped out nearly 2M accounts, and left market makers short on capital -- shrinking liquidity ever since. When liquidity dries up, every dip feels worse than it really is. In 2022 it took 8 weeks to flush out. We’re 6 weeks in now. This isn’t a “new bear market.” It