Tom Lee: 10/11 Flash Crash and DeFi Protocol Rug Pull Shake Market Confidence, Several Weeks Needed to Digest

April 1st: On-chain data analyst Yu Jin reported that a SIREN on-chain manipulation address spent 144,000 USDT half an hour ago to buy back 500,000 SIREN tokens at $0.288 each. Half a month earlier, the same address sold 500,000 SIREN at $0.947 per token, netting 473,000 USDT. After today’s price drop, its 144,000 USDT buyback has yielded a profit of 329,000 USDT while holding the same amount of controlled tokens. The address still holds 645 million SIREN tokens, currently valued at $155 million—down from $1.44 billion just a week ago.

On April 1, Tom Lee told CNBC in an interview that he believes the market has already absorbed 90-95% of selling pressure, the selling cycle may have ended, and rebuilding can now begin. He emphasized that stocks typically bottom out early in wartime environments: “We’ve studied every war since 1900, and markets tend to hit a bottom within the first 10% of the conflict’s duration. If this follows that pattern, we’re in the early stages now.” Right now, any negative news can spark risk-off moves—this is why position sizing matters, he added. “At some point, if investors grow too neutral, the market could stage a V-shaped rebound even if conditions aren’t that dire.” Lee also noted on social media that even if a bottom hasn’t been hit yet, he thinks the U.S. economy can handle $100 or even $120 oil.

April 1: South Korea’s KOSPI index surges 7% intraday, currently at 5,407.10 points, per Bitget data.

On April 1, UX Chain—a lending blockchain in the Cosmos ecosystem—officially announced it will gradually suspend operations. Users must close out all open positions before the platform’s full liquidation process kicks off on April 30. The protocol is expected to be fully shut down by May 15. UX reserves and the treasury will cover the protocol’s funding gap.

Per official sources, Bithumb has listed Venice Token (VVV) for trading as of April 1, with support for KRW trading pairs.

April 1st — Data from HTX shows Bitcoin rebounded to break above $68,000, posting a 1.94% gain over the past 24 hours.