Tom Lee stated that the bull market remains "strong and healthy."
He believes that cryptocurrencies could be supported by the development of AI and the tokenization of assets.
The expert believes that the market is capable of absorbing major IPOs like SpaceX.
BitMine CEO and Fundstrat Managing Partner Tom Lee stated in an interview with CNBC that he doesn't believe the latest correction in the stock and crypto markets is a sign of the end of the bull market.
According to Lee, investors began taking profits due to a combination of factors, including concerns about the artificial intelligence sector becoming overheated, expectations of large capital raises by tech companies, and geopolitical tensions.
He noted that the market expects a significant volume of new offerings, including from Google, SpaceX, OpenAI, Anthropic, and Meta. According to Lee, investors are concerned that the market will have to finance too much capital in a short period.
"We believe the narrative that the bull market is in danger is misguided. In our view, it remains strong and healthy," Lee said.
What did Tom Lee say about cryptocurrencies?
The expert also commented on the cryptocurrency market. He acknowledged that investors are disappointed with the performance of digital assets in 2025, as they have not demonstrated the same growth as the AI sector.
At the same time, Lee believes that cryptocurrencies remain part of the broader narrative surrounding artificial intelligence.
He explained that the more AI develops, the greater the need for blockchain. Lee attributed this to the need to verify transactions, validate data, and protect the financial system from the risks associated with the use of artificial intelligence.
He also drew attention to AI-related cybersecurity incidents. One of them, according to Lee, occurred in the Zcash ecosystem and caused market panic.
Lee added that AI-based attacks are increasingly being detected in the financial sector. However, he noted that public banks typically do not disclose information about such incidents.
Tokenization remains an important driver
Fundstrat's managing partner also stated that Wall Street continues to move toward asset tokenization. This involves transferring money, stocks, real estate, and other financial instruments to the blockchain.
Lee called this a "major innovation" and asserted that such processes are only possible thanks to blockchain infrastructure.
In his opinion, the fundamental story of cryptocurrencies remains strong. At the same time, the expert acknowledged that much of the hype and fear of missing out (FOMO) is currently focused specifically on AI.
Could SpaceX's IPO Be a Market Top?
Commenting on the stock market situation, Lee stated that tension could persist until at least June 12. He noted that some institutional clients at Fundstrat believe the SpaceX IPO could be a local market top.
Lee himself disagreed with this assumption, noting that historically, large IPOs rarely become true market tops.
According to the expert, there is still approximately $7 trillion in cash in the market. He added that the IPO order book is essentially full, and wealthy investors have sufficient funds to participate in the offering.
"I think the market will not only absorb this IPO well, but will also perform well after it," Lee said.
He also called SpaceX one of the most important companies in the market. According to Lee, for investors who didn't own Tesla shares, this could be a way to gain exposure to Elon Musk's projects.
As a reminder, CryptoQuant previously reported that demand for Bitcoin had reached one of its lowest levels since 2019.
