BitMine’s Tom Lee Calls Dip Golden Opportunity as Trump Sets Meeting With China on U.S. Tariffs

Tom Lee, chairman of BitMine, believes the pullback in the crypto market represents a golden buy opportunity for investors. This comes as President Trump confirmed that he would be meeting with China to negotiate the U.S tariffs.

Tom Lee Calls for Calm as Markets Correct

In a recent post, Tom Lee acknowledged that market anxiety is understandable. He highlighted the mounting U.S. tariffs tensions, deleveraging in credit markets, and the seasonal volatility often associated with October. However, he emphasized that overly negative sentiment could signal a contrarian buying opportunity.

Lee pointed out that only 22% of fund managers are currently outperforming their benchmarks. This suggests that many will soon begin to “chase performance,” a move that could reignite market momentum. 

“BTFD — that’s our take,” he wrote. This signals his belief that the downturn is more of a setup for a rebound than the start of a deeper slump.

Backing up his bullish stance, BitMine expanded its ETH holdings by $417 million. The firm reportedly moved over 104,000 ETH from Kraken and BitGo into newly created wallets. This move is seen as part of its long-term accumulation strategy.

During a podcast discussion, Tom Lee reaffirmed his conviction that Ethereum is entering a new growth phase. He predicted the token could reach $10,000 to $12,000 by the end of 2025. His projection aligns with remarks from BitMEX co-founder Arthur Hayes. Hayes made a bullish ETH projection, calling recent market turbulence “background noise.” 

Trump Seeks Tariff Reset With China

Meanwhile, global markets are also responding to fresh developments in Trump’s U.S. tariff policy. Trump confirmed he will meet with China’s President Xi Jinping in two weeks. He described the existing U.S. tariffs on Chinese imports as “not sustainable.” The U.S president hinted at potential tariff reductions in pursuit of what he termed a “fair deal.” This could ease pressure on the market.

Yesterday, Trump was asked whether the current U.S. tariffs would remain in place. He replied, “No — we’ll be fine with China.”  This adjustment could significantly influence the crypto markets.

Adding another layer to the week’s economic developments, Federal Reserve Chair Jerome Powell hinted at rate cuts in the coming FOMC meeting. Powell cited growing risks in the labor market and subdued inflation expectations as justification for a more accommodative stance.

Additionally, Federal Reserve Chair Jerome Powell suggested rate cuts at the FOMC meeting, which was held this week. Powell justified a more accommodative stance by pointing to increasing labor market risks and muted inflation expectations.

The crypto market experienced intense volatility over the past 24 hours, leading to more than $1 billion in total liquidations. Bitcoin accounted for $369 million of the total, while Ethereum followed with $262 million. Experts say these economic challenges could put the market back on track when resolved.