Tom Lee, head of research at Fundstrat Global Advisors, says February’s market action may have felt like a bear market, but the data tell a different story.
‘It Wasn’t Really A Bear Market‘
In a Friday appearance on CNBC Squawk Box, Lee pointed out that the S&P 500 was down only about 1% in February, hardly a true bear-market decline.
According to Lee, investor anxiety is being driven more by uncertainty around artificial intelligence than by weakening fundamentals.
He emphasized that AI development continues to accelerate, with the U.S., and possibly China, positioned as primary creators and beneficiaries.
Lee argued that much of the pessimism reflects speculative downside scenarios rather than genuine economic deterioration.
“I think March is going to be a turnaround month for the better,” he said, adding that he does not see clear signs of economic slowdown.
Lee’s broader thesis suggests that February’s negativity may have been sentiment-driven rather than structurally bearish.
‘Mini Crypto Winter’ — But Still Accumulating
On the crypto side, Bitmine Immersion Technologies (NYSE:BMNR) reported purchasing an additional 51,000 ETH last week, bringing total holdings to approximately 4.47 million Ethereum.
Lee, who serves as chairman, described the current environment as a “mini crypto winter” but stressed the company remains focused on systematically executing its treasury strategy.
“Our focus continues to be on methodically executing our treasury strategy and steadily acquiring ETH and, in turn, optimizing the yield on our ETH holdings,” Lee said.
As part of its longer-term roadmap, Bitmine is developing its “Made in America Validator Network” (MAVAN), a staking platform expected to launch in early 2026.
Image: Shutterstock
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