Tom Lee, in a recent CNBC interview, emphasized the resilience of Bitcoin following a historic liquidation and deleveraging event, which he claims had a greater impact than the FTX collapse. Despite this, Bitcoin's decline was limited to 3%-4%, showcasing its strength as a value store. Lee compared this to gold, suggesting that such stability in a liquidity crisis would affirm its value. Lee also noted significant growth in Ethereum's Layer 1 and Layer 2 network activity, driven by stablecoins. He believes this increase in on-chain activity, although not yet reflected in Ethereum's price, could set the stage for major market movements by year-end, as market pricing often lags behind fundamental improvements.