- Tom Lee in an X post highlights that rising oil prices may keep ETH under short-term pressure.
- Tokenization and AI demand, on the other hand, support Ethereum’s long-term outlook.
- BitMine’s ETH accumulation is tightening supply and reshaping market dynamics.
Tom Lee, a well-known crypto bull and founder of BitMiner Immersion Technologies, posted on X (formerly known as Twitter) earlier today, May 18, 2026, and stated that there is an unusual linkage to explain Ethereum’s recent price weakness. According to the post, there is a record negative correlation between Ethereum’s daily returns and West Texas Intermediate (WTI) crude oil prices.
Lee with the help of various charts showed that Ethereum’s daily returns have reached a historic low correlation of about -0.4 with WTI, as oil surged by almost 23% in the prior month amid renewed geopolitical tensions. The founder of BitMine Immersion clearly stated that rising oil prices have been Ethereum’s biggest short-term challenge, but stronger long-term factors are expected to support ETH through 2026.
Lee framed the oil-Ether rel...
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