BMNR’s Tom Lee Says Crypto Pullback Isn’t A True Winter Without Equity Bear Market

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Key points:
According to Tom Lee, past crypto bear markets have coincided with equity declines of more than 20%, which has not occurred in this cycle.
He said the current environment is a “mini crypto winter” driven by factors specific to digital assets rather than broader macroeconomic stress.
He added that Fundstrat believes equities may have already bottomed, which could support a recovery in crypto markets.
Bitmine Immersion Technologies (BMNR) chairman Tom Lee said on Wednesday that the current crypto downturn is not a true “crypto winter” and lacks the stock market collapse that has defined past cycles.

Presenting at Paris Blockchain Week, Lee said the recent slide in digital assets breaks a decade-long pattern in which major crypto drawdowns have occurred alongside equity bear markets. In prior cycles, when Bitcoin (BTC) and Ethereum (ETH) fell sharply, stocks fell more than 20% during periods of monetary tightening or economic stress.

This time around, while cryptocurrencies have retreated from recent highs, the S&P 500 has avoided a comparable drawdown, holding near record levels despite geopolitical tensions and volatility in commodities. “I don't think we have a crypto winter. I think it's a mini crypto winter,” he said. “And the key now is it has the stock market bottomed.”

BMNR’s stock gained 1.35% in morning trade on Wednesday amid a volatile broader market. On Stocktwits, retail sentiment around the Ethereum-backed digital asset treasury trended in ‘bullish’ territory over the past day. Chatter rose to ‘extremely high’ from ‘high’ levels.

Crypto Selloff Breaks Historical Pattern

“Every Bitcoin top has coincided with an equity top, and every equity bottom has aligned with a Bitcoin bottom,” Lee said. He added that at Fundstrat, where Lee serves as head of research, they believe equities have already found a floor. If that view holds, he expects crypto markets to stabilize and recover in tandem.

Bitcoin’s price dropped more than 2% in the last 24 hours, falling below $74,000 on Wednesday morning. Retail sentiment around the apex cryptocurrency on Stocktwits trended in ‘bullish’ territory over the past day, accompanied by ‘high’ levels of chatter.

Meanwhile, Ethereum’s price fell nearly 3% in the last 24 hours, holding above $2,300. Retail sentiment around the leading altcoin trended in ‘bullish’ territory over the past day, accompanied by chatter at ‘high’ levels. According to Lee, Ethereum’s price is slated to cross $60,000 by 2030, driven by tokenization and agentic AI.
source: https://www.tradingview.com/news/stocktwits:d5bc9ce4d094b:0/