华尔街大佬Tom Lee：加密市场调整可能接近尾声，比特币正在成为美股的领先指标

Core Insights - The cryptocurrency market, which has been weak since October 10, is nearing the end of its adjustment phase, with Bitcoin and Ethereum acting as leading indicators for the U.S. stock market [1][9] - The recent market turmoil is attributed to a significant liquidation event that severely impacted market makers, who play a crucial role in providing liquidity [1][5] Market Conditions - The October 10 liquidation event caused a major disruption, with a stablecoin's price dropping from $1 to $0.65, triggering an automatic liquidation mechanism that affected approximately 2 million crypto accounts [5][6] - Market makers, likened to a central bank for the crypto market, have faced substantial capital losses, leading to a reduction in their balance sheets and exacerbating liquidity issues [7][9] Historical Context - The current market situation is compared to past crises, such as the 1987 market crash and the 2009 financial crisis, with a recovery timeline of approximately eight weeks based on previous experiences [8] - As of now, six weeks have passed since the October 10 event, suggesting that the adjustment period may soon conclude [8] Market Dynamics - Bitcoin has shown a tendency to decline before the stock market, indicating its role as a leading indicator and reflecting the tight liquidity conditions in the crypto market [3][9] - The ongoing decline in cryptocurrency prices is a result of the damaged state of market makers, which has created a vicious cycle of reduced trading activity and further price pressure [7][9]