Ethereum Bull Tom Lee Speaks for the First Time After the Big Drop

Tom Lee, President of Ethereum treasury management firm BitMine, told CNBC in an interview that today's market pullback was “a correction that was to be expected up to a point.”

“The market is up 36% since the April lows. Today's decline is the biggest in six months. The VIX, the fear index, was up 29% at one point, marking the 51st-largest single-day move in history and entering the top 1%,” Lee said.

According to data from on-chain analytics platform Lookonchain, BitMine purchased a total of 41,421 ETH (approximately $158 million) today.

Continuing his market commentary, Lee said, “This decline was expected. The market had already rallied strongly since April. Today's decline presents a good buying opportunity as long as there are no structural changes.”

“I wouldn't say the market bottomed today, but the current situation promises good returns for the next week or month. If someone were to ask me 'what will the market be like in a week's time?' I would probably say higher,” Lee added.

*This is not investment advice.