Bitcoin Shows Resilience During Largest Deleveraging Event

A massive deleveraging event in the cryptocurrency market has stabilized Bitcoin’s price, surpassing even the impact of FTX, according to Tom Lee of Fundstrat. The leading research team observed a limited decline of just 3-4% for Bitcoin despite this unprecedented unwinding of leveraged positions. This resilience signifies Bitcoin’s potential as a stable store of value in volatile markets. Ethereum’s on-chain activity shows signs of upcoming market shifts, but its price hasn’t yet reacted.