Tom Lee: Ethereum on-chain activity continues to heat up, providing a solid basis for a significant market movement by the end of the year.

On October 25, Tom Lee stated in an interview with CNBC: “The crypto market has just gone through the largest-scale liquidation and deleveraging event in history, the impact of which could be several times that of the FTX incident, while Bitcoin's final drop was only maintained in the range of 3%-4%. This fully confirms that Bitcoin itself is becoming an extremely resilient store of value. Imagine if a similar impact occurred in the gold market: even in the event of a huge liquidity crisis, if gold's drop was only a few percentage points, the market would regard it as solid proof of value anchoring. Bitcoin's current performance is just like that. Driven by stablecoins, Ethereum Layer 1 and Layer 2 networks are experiencing significant activity growth, but this fundamental improvement has not yet been fully reflected in coin prices—market pricing typically has a lag effect. From my observation, the continued warming of on-chain basic activities actually provides a solid basis for significant market changes before the end of the year.”