Tom Lee: The peak of the cryptocurrency cycle may still be 12 to 36 months away.

Tom Lee, co-founder of Fundstrat and chairman of BitMine, stated that cryptocurrency prices have yet to recover since the liquidation event on October 10th, and the current continued weakness suggests that market makers' balance sheets may have been damaged. When balance sheets show a "gap," market makers seek to raise funds and reduce liquidity operations in the market, which is equivalent to quantitative tightening in the cryptocurrency space and suppresses prices. In 2022, this quantitative tightening effect lasted for 6 to 8 weeks, and a similar situation may be unfolding now.