Tom Lee Says Crypto Sentiment Is Bleak, Urges Focus on Opportunity

Tom Lee, chairman of Bitmine Immersion Technologies Inc. (BMNR), said sentiment in the cryptocurrency market is deeply depressed, but investors should focus on long-term opportunities.

In an interview cited by crypto media outlet U.Today on June 29, Lee said investors have lost interest in Bitcoin and Ether, with Google search volume also declining. He added that the relative strength index, or RSI, is near a record low and that the Fear & Greed Index is worse than it was after the FTX collapse.

Lee said investor sentiment is at its worst, but extreme pessimism often serves as a precursor to a rebound.

He said investors should focus on opportunities in every bear market, adding that he has often seen prices fail to keep up even as fundamentals strengthen.

Lee also called the artificial intelligence boom one of the main reasons behind the correction in crypto markets. Still, he pushed back on claims that digital-asset investing has collapsed, adding that blockchain is a necessary defense mechanism in a future dominated by AI.