Tom Lee: The activity on the Ethereum chain continues to heat up, which may provide a solid basis for a significant market movement by the end of the year

ChainCatcher news, Tom Lee stated in an interview with CNBC: "Cryptocurrency has just experienced the largest scale liquidation deleveraging event in history, and its impact may be several times that of the FTX incident, while Bitcoin's final decline remained only in the range of 3% - 4%. This fully confirms that Bitcoin itself is becoming a highly resilient store of value. Imagine if a similar shock occurred in the gold market: even if there was a huge liquidity crisis, if gold's decline was only a few percentage points, the market would view it as a solid proof of value anchoring. Bitcoin's performance is exactly like this right now.

Driven by stablecoins, Ethereum Layer 1 and Layer 2 networks are experiencing significant growth in activity, but this improvement in fundamentals has not yet been fully reflected in the coin prices—market pricing usually has a lag effect. From my observation, the continued warming of on-chain fundamental activities actually provides a solid basis for a significant market change before the end of the year.