Institutions Betting on Crypto Rally as Lee Sees Major Market Upswing
Tom Lee, co-founder of Fundstrat, believes that the recent cryptocurrency rally is still in its early stages. According to him, institutional investors are betting on further gains in the fourth quarter, indicating a major market upswing.
The sharp rise in trading volume suggests that institutions are positioning for this expected increase, Lee noted. He also pointed out that relatively few people own cryptocurrencies, making it possible for Bitcoin to climb above $100,000 and even reach $150,000.
Lee cited the possibility of further US interest-rate increases as a variable that could impact the crypto market. However, he also mentioned that falling long-term Treasury yields could effectively ease financial conditions, making moves in long-term yields a key variable for the market going forward.