On October 25th, Tom Lee stated in an interview with CNBC: “Cryptocurrency has just witnessed the largest deleveraging event in history. The impact of this event may be several times that of the FTX event period. However, Bitcoin’s final decline has remained within the 3%-4% range.” This clearly shows that Bitcoin itself is evolving into an extremely resilient store of value. Imagine if a similar impact were to occur in the gold market. Even in the face of a major liquidity crisis, when gold only drops by a few percentage points, the market views it as solid proof of value anchoring. Bitcoin’s current performance is no different. Driven by stablecoins, the Ethereum Layer 1 and Layer 2 networks are experiencing significant growth in activity. But this fundamental improvement has not yet been fully reflected in the price. Market pricing usually shows a lagging effect. From what I have observed, the continuous increase in on-chain activity is actually providing a solid foundation for significant market changes before the end of the year.
