Tom Lee’s analysis is spot on. The Fed’s policy shift is indeed crushing the crypto market—rate-cut expectations are gone. So how can the liquidity narrative still be told?

Crypto界 News, Bitmine Chairman Tom Lee analyzed four factors behind the weak crypto market at WebX 2026 and said that changes in Federal Reserve monetary policy are the main headwind. Earlier this year, the bond market had priced in two Fed rate cuts, but then expectations shifted to two rate hikes, wiping out the prior expectation for four cuts. A looser monetary environment would have been beneficial to the crypto market, and this macroeconomic shift has become the main obstacle for cryptocurrencies.