Key highlights:
- BlackRock offloads $96.66 million from its IBIT fund.
- Bitcoin fell below $63,000 as selling pressure worsened.
- Tom Lee sounded an alarm of a deeper bear market later this year.
Tom Lee predicts a steeper bear market in H2
Speaking on CNBC, Bitmine and Fundstrat chairman Tom Lee said markets could still see an “abrupt change” later this year.
He highlighted the Federal Reserve as a major concern. The Fed is currently reviewing its policy framework, with experts now projecting we may see a first rate hike in years. According to the CME FedWatch tool, there is now a 36% chance that the rates will be raised at the next FOMC meeting.
Source: CME FedWatch Tool
He also pointed to the IPOs of companies such as SpaceX, Anthropic, and OpenAI. These listings attract billions of dollars from investors. Lee said this could reduce the amount of money flowing into crypto.
The warning is particularly surprising because Tom Lee is usually among the most bullish voices in crypto. However, he believes investors should gear up for an even more difficult market in the second half of the year.
Meanwhile, his companies have continued to invest in digital assets. Earlier this week, BitMine bought $141 million worth of Ethereum. This increased its holdings to more than 5.6 million ETH, maintaining control of over 5% of the token’s supply.
Adding to the bearish context, JPMorgan shared recently that Bitcoin mining economics have worsened since 2026 started. The bank said BTC has been trading below its estimated production cost for five straight months. This has increased pressure on miners and made the network vulnerable to price changes.
Source:: $96M Flows Out of BlackRock Bitcoin ETF, Tom Lee Warns of Rougher Bear Market in H2