Fundstrat Co-Founder Tom Lee Says Crypto Bottom Is in Following Market Slump
Tom Lee, co-founder of Fundstrat, stated that the cryptocurrency market is likely at or near a bottom, arguing prices have dropped more than fundamentals justify. On CNBC, Lee noted that crypto prices suffered despite improved network activity and low leverage, with investment capital shifting to precious metals earlier in the year. Since his comments, both Bitcoin and Ethereum have continued to fall, mirroring steep declines in precious metals after sharp rallies. Lee attributed some of the volatility to political uncertainty and the Biden administration’s market interventions, as well as uncertainty regarding Federal Reserve leadership changes. Citing technical analysis, Lee believes conditions are right for a crypto bottom, aligning with prior forecasts for current price levels. He highlighted robust Ethereum network activity, though some address growth may be due to attacks rather than organic usage. Lee’s optimism is reflected in BitMine Immersion Technologies’ recent purchase of 41,788 ETH, raising its holdings to over 4.28 million ETH. Despite this, BitMine faces more than $6 billion in unrealized losses after acquiring much of its position near previous price peaks.
