Tom Lee "Virtual asset bearishness is only a short-term shock…No change to the Ethereum supercycle"
Summary
- Tom Lee, chairman of Bitmine, said the recent plunge in the virtual asset market is merely a short-term shock.
- He emphasized that there is no fundamental change to the long-term bullish setup of the Ethereum supercycle.
- Lee urged investors to refrain from using leverage now and to guard against liquidation risks.
Tom Lee, chairman of Bitmine, said the recent plunge in the virtual asset (cryptocurrency) market is close to a short-term shock.
On the 15th (local time), Lee said via his X, "There is no fundamental change to the long-term bullish setup centered on Ethereum, the so-called 'Ethereum (ETH) supercycle.'"
He explained, "The recent weakness in virtual assets is a typical sign that there is a large 'hole (hole)' in market makers' financial statements," adding, "Sharks are targeting the liquidity void left by market makers and are pushing prices down hard to induce liquidations. This pain is clearly temporary and should not be seen as a change in market structure."
He also issued a warning to investors. Lee said, "Now is not the time to use leverage. Do not get liquidated."
Doohyun Hwang
cow5361@bloomingbit.ioKEEP CALM AND HODL🍀![[Market] Bitcoin falls below $82,000...$320 million liquidated over the past hour](https://media.bloomingbit.io/PROD/news/93660260-0bc7-402a-bf2a-b4a42b9388aa.webp?w=250)
