Tom Lee: The deleveraging impact of the 1011 incident is greater than the FTX collapse, triggered by a pricing loophole from a certain CEX leading to a chain liquidation

Tom Lee stated during the podcast "The Compound" this Thursday that the current bear market was triggered by the largest deleveraging event in crypto history that occurred last October (larger than the FTX collapse): a pricing error on a trading platform triggered a chain of automatic liquidations, resulting in over 2 million accounts being liquidated globally, 1/3 of market makers being destroyed, and a heavy blow to the trading platform's balance sheet, causing the entire ecosystem to "limp."

Tom Lee also mentioned that the selling pressure is not completely over, similar to the recovery in 2022 which took 8-12 weeks, but there are currently no obvious signs of a rebound.