Tom Lee's Binance Blockchain Week Speech: Why I Believe Crypto Asset Prices Have Bottomed Out During his speech at Binance Blockchain Week, Tom Lee @fundstrat pointed out that this year, the crypto market has underperformed compared to traditional assets, but the reasons for the decline are something 'no one can truly explain.' He believes the core factor is deleveraging, with its pace closely aligning with the eight-week recovery cycle following the FTX collapse, suggesting the market may be nearing its bottom. He revealed that Fundstrat, in collaboration with market timing expert Tom DeMark five weeks ago, had significantly slowed down ETH purchases but recently accelerated again, buying nearly 100,000 ETH last week. The reason? They believe the price has already bottomed out. As for Bitcoin, Tom Lee noted that the traditional four-year cycle is losing its effectiveness: indicators like the copper-to-gold ratio and ISM, which previously perfectly aligned with the cycle, are now disconnected. He does not believe Bitcoin has peaked and stated: Whether we are entering the next bull market will depend on whether Bitcoin can hit a new high in January.