PRICE LOOKS UGLY. FUNDAMENTALS DON’T

Tom Lee says crypto looks like it’s bottoming -- not because of vibes, but because the underlying story is getting stronger.

Banks at Davos are leaning in. Regulatory bills moving through Congress are trending favorable. And BlackRock expanding into DeFi via Uniswap is a signal. The largest asset manager in the world doesn’t “experiment” casually.

Meanwhile, price action has been weak & that’s the disconnect.

If regulation improves and institutions continue building, the structure under this market is getting firmer, even if the tape doesn’t reflect it yet.