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BNB 
ETH Market sentiment turns cautious, but Wall Street strategists advise Ethereum holders to ignore the noise
Overall sentiment in the cryptocurrency market has become cautious after the lever-driven adjustment, but one Wall Street strategist advised Ethereum holders not to pay attention to the noise. Fundstrat's Tom Lee said when participating in the New Era Financial Podcast that current market volatility is actually punishing investors who cannot afford retractions. He pointed out that a familiar pattern was repeating itself: After a shock, money was withdrawn from risky assets and instead chased safer yields, only to miss out on subsequent rallies.
"sequelae" of deleveraging and earnings migration
Li directly attributed the current market weakness to widespread deleveraging events. When leverage is released, a margin call triggers a forced liquidation, and the price falls excessively. In this vacuum, profit-seeking funds are turning to income-based instruments-treasury bonds, stablecoins, and tokenized real-world assets-rather than holding spot Ethereum. This funding rotation partly explains why Ethereum is performing poorly, even though its network fundamentals remain solid. The same pattern has been reflected in the stock market before. The most typical one is Nvidia, whose share price has consolidated for several months around US$160, and then soared to a market value of US$2 trillion. Li used this comparison to emphasize that the cryptocurrency market will also punish those who let short-term price fluctuations override core investment logic.
Fundamentals have not changed
Although the price chart is not optimistic for Ethereum bulls, the agreement's structural narrative has remained largely unaffected. Developer activity remains concentrated on Ethereum and its second-tier network ecosystem, which dominates decentralized finance and tokenized asset issuance. A recent list of the "Top Ten Blockchains for Developer Activities this Week" shows that Ethereum ranks among the top, along with BNB Chain and Polygon. At the institutional level, real-world asset tokenization has exceeded the $20 billion milestone in the chain. These trends rely on Ethereum's settlement layer rather than the weekly price K-line.
The real risk lies in lack of patience.
Li's core message is not a price forecast, but a behavioral warning. The real losers are investors who sell during a long consolidation period, think the market is bad, and miss out on repricing. This mentality is common in the bull-bear cycle of cryptocurrencies, but is particularly evident when leverage is lifted and panic intensifies. What is currently uncertain is the timeline. Macroeconomic factors-the Federal Reserve's interest rate expectations, global market liquidity conditions, and regulatory developments-could all prolong the consolidation phase. A pending U.S. Senate cryptocurrency bill that faces strong lobbying from banks has also created uncertainty and suppressed risk appetite. For Ethereum, the launch of spot ETF products has not yet translated into the continued institutional buying that many expected, in part because the same deleveraging cycle has hit both stocks and credit markets.
The conclusion is straightforward: Fundamentals and patience have always been the key to success, but only if investors are willing to endure long periods when nothing seems to work. Lee's Nvidia analogy may be selective, but it resonates because cryptocurrencies, stocks and tokens are all subject to what he calls "a punishment for patience." For assets like Ethereum that support growing economic activity on the chain, this dynamic is clearer in hindsight than it is now.
