Crypto market crash: Could Saylor and Tom Lee face liquidation?

Crypto Market Crash Intensifies With Massive Options Expiry Ahead

Crypto market crash sees no signs of stopping, with $1.37 trillion in market cap wiped out since October. Over the past 24 hours, another $1.68 billion in Bitcoin, Ethereum, Solana, XRP, and other top altcoins were liquidated. BTC price crashes 1% to $85K and Ethereum tumbles 1% to sub-$2,750 levels. Will the crypto market face more liquidations as a result of today crypto options expiry?

That fear is rising as these companies with some of the largest institutional crypto treasuries—BitMine, and Forward Industries—now sit on significant unrealized losses amid a sharp drawdown in Bitcoin, Ethereum, and Solana.

With market makers tightening liquidity and volatility spiking across exchanges, analysts warn that forced liquidation of these treasuries could trigger cascading sell-offs.

Source: Lookonchain

Market Makers Face Balance-Sheet Stress Amid Sharp Crypto Declines

The sell-off intensified after Tom Lee, chairman of BitMine, warned that widening balance-sheet gaps at major market makers are draining liquidity across exchanges. This structural weakness, Lee noted, is accelerating volatility and deepening price breakdowns across leading cryptocurrencies.

The warning comes at a moment when institutional portfolios are sitting on some of their largest unrealized losses in years, heightening concerns of a systemic shock.

Massive Bitcoin Treasury Faces Risk as Prices Fall Below Key Levels

A long-term Bitcoin accumulation chart released this week revealed an aggressive five-year strategy:

BTC purchases totaling 649,870 BTC between 2020 and 2025.

The portfolio—worth $54.59 billion as of November 21, 2025—has an average purchase price of $74,433 and an unrealized gain of 12.85%.

Source: Saylortracker

However, Bitcoin’s recent drop below key support zones is raising a larger question: What happens if this multi-billion-dollar BTC position gets liquidated?

Several analysts warn that if prices fall below the treasury’s cost basis and a liquidation is triggered, Bitcoin could spiral into a capitulation phase. Based on historical liquidation patterns, BTC could retest $31,500—or even plunge toward $21,000 during peak panic.

BMNR Sees Billions in Unrealized Losses as ETH Weakens

BMNR, led by Wall Street veteran Thomas Lee, holds one of the crypto industry’s largest Ethereum treasuries. After a harsh 45% drop from its August peak, BMNR is now staring at $4.40–$4.50 billion in unrealized losses.

Ethereum’s technical structure is also weakening . Recently, ETH was sharply rejected from its upper resistance zone—signaling fading bullish momentum. If Bitcoin breaks below $75,000 and ETH slips under $2,500, analysts warn of a widespread panic sell-off that could drag ETH toward the $2,000 support zone.

Some technical analysts on X (formerly Twitter) go further, arguing that ETH may be forming a multi-year flat correction (A–B–C). If Wave C mirrors Wave A, Ethereum could revisit the $900 range before staging a major recovery.

Forward Industries Faces a Brutal Drawdown in Solana Holdings

Forward Industries holds 6.83 million SOL, purchased at an average of $232.08. Today, that position—worth $874.8 million—is sitting on a massive $711 million unrealized loss, or a 44.85% drawdown.

Solana’s technical outlook adds to concerns. A potential head-and-shoulders pattern on the monthly chart shows SOL testing a critical neckline at $120. A confirmed breakdown could trigger a measured move toward the $35–$45 range, aligning with long-term support zones near $52 and the mid-$30s.

And if Bitcoin and Ethereum capitulate?
Solana almost certainly follows.

What Happens If All Three Treasuries Are Liquidated?

If BitMine, BMNR, and Forward Industries are forced to liquidate their massive Bitcoin, Ethereum, and Solana treasuries at the same time, the crypto space could face:

• A massive liquidity drain
  

• Record-speed price collapses across BTC, ETH, and SOL
  

• Market-wide cascading liquidations
  

• Institutional panic selling
  

• The most severe systemic shock since FTX’s collapse in 2022

• 

A liquidation of this scale would not just move the market—it could reshape the entire crypto landscape for years.

The Market’s Fate Hinges on Avoiding Forced Selling

As long as BitMine and Forward Industries avoid forced liquidation, the crypto space may still stabilize—especially if liquidity providers strengthen their positions and institutional flows return. But if any of these treasuries are pushed past their breaking point, the resulting sell-off could trigger one of the most violent downturns in digital-asset history.

The question now is simple:
Can the market survive the pressure, or is a crypto liquidity crisis inevitable?

Disclaimer 

This article is for informational and educational purposes only and does not constitute financial, investment, or trading advice. All analysis is based on publicly available data and market commentary as of November 2025. Cryptocurrency investments carry significant risk.