At the beginning of November 2022, FTX's competitor Binance announced the sale of FTT, causing FTT's price to plummet and leading to FTX's bankruptcy, with customer assets unable to be withdrawn. The FTX incident dealt a heavy blow to the global crypto market, which took a full year of consolidation and recovery at the bottom before liquidity returned. However, the impact of the 1011 event on the crypto market is far greater than the FTX incident. Currently, liquidity has dried up, and exchanges that made big money during the peak (darkest hour) of the 1011 event are unlikely to reinvest their profits into market trading or pump prices. This time, recovery is estimated to take over a year, possibly even longer.