Tom Lee Binance Blockchain Week Speech: Why Do I Think Crypto Asset Prices Have Bottomed Out?

In his speech at Binance Blockchain Week, Tom Lee pointed out that this year, the crypto market has underperformed traditional assets, but “no one can truly explain” the reasons for the decline. He believes the core factor is deleveraging, with a pace highly consistent with the eight-week recovery cycle following the FTX collapse, indicating that the market may be nearing a bottom.

He revealed that five weeks ago, Fundstrat, in collaboration with market timing expert Tom DeMark, significantly slowed ETH purchases, but 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 failing: indicators such as the copper-gold ratio and ISM, which previously corresponded perfectly to the cycle, are now decoupled. He does not believe that Bitcoin has peaked, stating: whether the next bull market begins will be validated by whether Bitcoin can reach a new high in January.