Tom Lee, Chairman of Bit Mining (BMNR), a publicly traded company with strategic reserves in Ethereum (ETH), and co-founder of Fundstrat, stated via his X account that "The April minutes of the U.S. Federal Open Market Committee (FOMC) clearly illustrate why ETH and crude oil prices show an inverse correlation." In this regard, he explained, "The FOMC mentioned that 'monetary tightening' would be necessary if inflation continues to exceed 2%. Rising oil prices fuel inflation. Therefore, rising oil prices lead to the possibility of the Fed raising interest rates. Cryptocurrency prices, including Ethereum, move in conjunction with monetary liquidity. Thus, cryptocurrencies show an inverse correlation with oil prices. Furthermore, a war between the U.S. and Iran would have a decisive impact on oil prices."
