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Tom Lee: "'1011' Event Impact Greater Than FTX Collapse, Triggered by Pricing Vulnerability at a Certain CEX Leading to Cascade Liquidation"
BlockBeats News, February 1st, Tom Lee stated on this Friday's podcast "The Compound" that the current bear market was caused by the largest deleveraging event in crypto history that occurred in October of last year (even bigger than the FTX meltdown): a pricing bug on a trading platform triggered a chain auto-liquidation, resulting in over 2 million accounts being liquidated globally, 1/3 of the market makers being destroyed, the trading platform's balance sheet being severely hit, leading to the entire ecosystem "limping." (This paragraph corresponds to minutes 46 to 48 of the video.)
Tom Lee also mentioned that the selling pressure has not completely ended, similar to the 8-12 weeks needed for recovery in 2022, but no clear rebound signal has been seen yet.
This week, Cathie Wood, the CEO of Ark Invest, pointed out on a Fox Business show that Bitcoin's recent high pullback was influenced by a $28 billion deleveraging event caused by the Binance software malfunction during the 1011 crash (Bitcoin's recent pullback is the result of a deleveraging event triggered by a Binance software glitch on October 10 last year). Her statement has sparked community discussions and controversies regarding Binance's role in the 1011 crash.
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