Odaily Planet Daily reported that Tom Lee wrote that the crypto market has recently experienced the largest deleveraging liquidation in history. Bitcoin only fell by about 3%-4% during the impact, showing that it is gradually becoming a resilient store of value asset.

He noted that the growing use of stablecoins is driving a significant increase in on-chain activity on both Ethereum's Layer 1 and Layer 2 networks, but this fundamental improvement has not yet been fully reflected in market prices. Lee believes that the continued rise in Ethereum's ecosystem activity may provide significant support for year-end market activity.