Tom Lee, speaking on CNBC's "Squawk Box," suggested that the cryptocurrency market may be bottoming out as the recent sell-off loses momentum. Lee highlighted that all necessary conditions for a market bottom are present and emphasized the strong fundamentals of the crypto industry, particularly noting increased activity on the Ethereum network. Ethereum has shown signs of recovery, rebounding over 10% from its earlier low of $2,157 to currently trade at $2,383. Lee believes that if the market is indeed forming a bottom, crypto asset prices should naturally rebound.