Odaily Planet Daily reported that Tom Lee, chairman of BitMine, wrote that the current cautious sentiment in the market stems from factors such as the tensions between the United States and China, last week's large-scale deleveraging, concerns about the "cockroach effect" in private credit, and the historically high volatility in October.

However, he believes that investor sentiment has turned extremely negative (AAII data), which is a positive sign from a contrarian perspective. Currently, only 22% of fund managers are outperforming their benchmarks, suggesting a potential rally. Lee stated that his team maintains a "buy on dips" (BTFD) approach.