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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.

Ethereum has entered the "fear zone," according to Santiment.
Experts see increased chances of a reversal in the asset.
At the same time, the market is debating Ethereum's future following the price collapse.
The analytics platform Santiment has reported a sharp decline in sentiment around Ethereum. In early June 2026, the ratio of positive to negative mentions of the asset on social media fell to one of the lowest levels of the year. Experts believe this could be a counter-trend signal and increases the likelihood of a price recovery for the second-largest cryptocurrency by market capitalization.
Santiment noted that Ethereum has entered an extreme "fear zone" after several months of underperforming Bitcoin and other major crypto assets.
Investor sentiment was further pressured by discussions surrounding the Ethereum Foundation, criticism of its leadership, and controversies surrounding certain statements by co-founder Vitalik Buterin.
"The crowd has already written off Ethereum, significantly increasing the likelihood of a rebound," Santiment stated.
According to the company, bearish narratives currently dominate social media. At the same time, historically, periods of maximum FUD have often served as a precursor to asset price recovery.
$MVRV signals undervaluation
An additional argument in favor of a potential reversal was the MVRV Z-Score, which measures the difference between the market value of an asset and the average cost of coins held by holders.
The indicator is currently near -0.7, which corresponds to the undervalued zone.
Analysts noted that this level has only been observed three times in Ethereum's history:
at the end of 2018;
in mid-2022;
in June 2026.
Each of these previous instances preceded a major market recovery, although the indicator could remain negative for several months before the start of a new uptrend.
Analysts debate the market bottom
Trader Ash Crypto noted the similarities between the current market structure and June 2022.
"In June 2022, Ethereum broke through all support levels and fell to $880. Everyone abandoned it. As it turned out, this was the exact bottom of the entire bear market," he noted.
According to him, the situation shares several similarities with the current cycle. Since reaching an all-time high of $4,956 in August 2025, Ethereum has lost approximately 68% of its value and is trading near $1,593.
The analyst identified $1,500 as a key support level:
Maintaining this level could repeat the 2022 scenario;
Closing the week below $1,500 would pave the way for the next major support near $1,000.At the same time, analyst Ardi warned that historically, Ethereum's final bottom has only formed after the weekly relative strength index (RSI) has fallen below 30.
According to him, in previous bearish cycles, this was accompanied by additional large declines:
In 2018, Ethereum lost another 63% after entering oversold territory;
In 2022, the decline after this signal was approximately 65%.
The RSI has not yet reached such levels, leaving the risk of further declines.
"Ethereum usually forms a bottom when no one wants to own it anymore," Ardi emphasized.
The market remains divided
Current valuations contrast sharply with the positions of other market participants.
In early June, Bankless co-founder David Hoffman announced his complete exit from Ethereum, stating that the asset's potential had already been largely realized and that further development of the ecosystem was unlikely to have a significant impact on its value.
Furthermore, after Ethereum's decline below $2,000, analysts at Santiment and CryptoQuant warned of a number of bearish signals, including rising exchange earnings and declining on-chain activity.
Meanwhile, Standard Chartered continues to hold the opposite view. The bank previously compared Ethereum's current state to Amazon shares after the 2001 dot-com crash and declared it fundamentally undervalued.
The bank's analysts also suggested that after Bitcoin's crash in early June, Ethereum has an opportunity to recover, and its price could rise to $2,700 by the end of the year.
The debate is further exacerbated by statements from renowned Bitcoin maximalist PlanB, who recently called Ethereum "effectively dead" due to its multi-year lag behind Bitcoin and weak performance in the current cycle.

Morpho closed a $ 175 million round at a $2 billion valuation.
This is a lending protocol that provides infrastructure for running user pools.
The team announced plans to create a global lending network.
The Morpho lending protocol has raised $ 175 million at a valuation of up to $2 billion. The funds will be used to create an "open lending network for the world."
The round was led by Paradigm, a16z crypto, and Ribbit Capital. Apollo Funds, Circle Ventures, VanEck, Wintermute Ventures, SBI Group, Bpifrance, and others also participated. The team stated that this is one of the largest investments in the DeFi space.
Following this round, Morpho can claim unicorn status, a term used to describe companies whose valuation exceeds $ 1 billion.
The round was structured as a token purchase agreement. The price varied depending on the date of the investment.
Morpho offers infrastructure for creating blockchain-based lending markets. Users create their own pools with their own risk tolerance settings.
In an interview with Fortune, Morpho co-founder Paul Frambot stated the following:
"I'm a technologist, not a finance guy. I don't really know anything about finance. I build infrastructure, I write code."
The team's goal is to create an "open credit network for the world." The developers envision this as a global system that connects capital holders with those in need.
The funds raised will be used to deepen strategic partnerships and scale the project. The team stated that the protocol's deposit volume exceeds $ 11 billion, and its clients include major players such as Coinbase, Binance, Kraken, Bitwise, Galaxy, and Anchorage Digital.
It's worth noting that this is Morpho's fourth investment round. Furthermore, in February 2026, Apollo Global Management expressed its intention to purchase up to 90 million $MORPHO tokens over four years.
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