According to Mars Finance, on November 16th, Tom Lee, Chairman of the Board of Bitmine, the largest Ethereum holder, responded to a user's question about how long it would take for the market to recover from the funding shortfall of one or two market makers. He stated, "It might take 6-8 weeks, with some relief expected after Thanksgiving (November 27th)." Previously, Tom Lee stated, "The current weakness in the crypto market, with one or two market makers experiencing significant 'gaps' on their balance sheets, means sharks are hunting, intending to trigger liquidations and a sell-off of BTC. Is this pain short-term? Yes. Will this change ETH's supercycle (i.e., Wall Street building an ecosystem on the blockchain)? No. But now is not the time to use leverage; don't get liquidated."
Tom Lee: It may take 6 to 8 weeks to repair the market shock caused by market makers with funding gaps.
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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