Ethereum's Layer 1 and Layer 2 networks are seeing significant activity growth driven by stablecoins, though this fundamental improvement has not yet been fully reflected in prices due to typical market pricing lag, Tom Lee said in a CNBC interview on Oct. 25. Lee noted Bitcoin recently weathered what may have been the largest deleveraging event in crypto history—potentially several times the magnitude of the FTX period—with prices declining only 3%-4%, demonstrating its resilience as a store of value. He emphasized that the continued surge in on-chain fundamental activity provides a solid basis for major price movements before year-end.