Tom Lee: The 1011 crash and the DeFi protocol collapse have damaged market confidence, which will take a few weeks to digest

The chairman of BitMine, the first institutional holder of Ethereum, Tom Lee, stated in an interview with CNBC yesterday that the crash on November 11 was the largest liquidation event in crypto history. Following that, incidents such as the theft of Balancer and other DeFi protocols collapsing have severely impacted market confidence, so the market may need a few more weeks to digest the effects of these events. The good news is that currently, there are not many problematic projects, so it does not seem to be a systemic issue.