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Tom Lee: The big dump on 1011 and the collapse of DeFi protocols have damaged market confidence, and it will take a few weeks to digest.
On November 7th, Tom Lee, chairman of BitMine, the first Ethereum holdings institution, stated in an interview with CNBC yesterday that the 1011 big dump is the largest liquidation event in cryptocurrency history. This was followed by incidents such as the theft of Balancer and other DeFi protocol collapses, which severely impacted market confidence. Therefore, the market may need a few more weeks to digest the impact of these events. “The good news is that currently, there are not many problematic projects, so it doesn't seem to be a systemic issue.”