**[Tom Lee: The Peak of the Cryptocurrency Cycle May Still Be 12 to 36 Months Away]** According to PR Newswire, Tom Lee, co-founder of Fundstrat and chairman of BitMine, stated that cryptocurrency prices have yet to recover since the liquidation event on October 10. The current ongoing weakness suggests that market makers' balance sheets may have been damaged. When there is a "gap" in the balance sheet, market makers tend to seek funding and reduce liquidity operations in the market, which is equivalent to quantitative tightening in the cryptocurrency sector, suppressing prices. In 2022, this quantitative tightening effect lasted for 6 to 8 weeks, and a similar situation may be unfolding now. However, he believes that cryptocurrency prices have not yet reached the peak of this cycle. After analyzing five cycle explanations, he concluded that two of them hold significant value, both indicating that the peak of the cryptocurrency cycle may still be 12 to 36 months away, which differs from the performance of past cycles. Following the largest single-day deleveraging event in cryptocurrency history on October 10, trading volumes are still recovering, which has also impacted related stocks. The fourth quarter is historically a strong season for cryptocurrency and stock prices, encouraging investors to increase "open interest." Therefore, related trading volumes are expected to improve in the coming weeks.