In his Binance Blockchain Week speech, Tom Lee pointed out that the crypto market has underperformed traditional assets this year, but the reasons for the decline are "unexplainable." He believes the core factor is deleveraging, the pace of which is highly consistent with the eight-week recovery period after the FTX crash, suggesting the market may be nearing its bottom.

He revealed that Fundstrat had partnered with market timing expert Tom DeMark five weeks ago to significantly slow down its ETH purchases, but has recently accelerated again, buying nearly 100,000 ETH last week because they believe the price has bottomed out.

Regarding Bitcoin, Tom Lee pointed out that the traditional four-year cycle is becoming ineffective: indicators such as the copper-gold ratio and ISM, which previously perfectly corresponded to the cycle, are now out of sync. He does not believe Bitcoin has peaked and stated that whether it is entering the next bull market will be verified by whether Bitcoin can reach a new high in January.