BitMine Chairman Links 16% Oil Rally to $2.54T Crypto Market Slide
BitMine chairman Tom Lee blamed a roughly 16% Brent crude rally for a 7.12% drop from the May 10 peak as the crypto market cap slid to $2.54 trillion with $660 million in 24-hour liquidations. An $11.58 million Verus-Ethereum Bridge exploit lifted May’s DeFi hack losses above $20 million.
1. Crypto Market Decline and Liquidations
The total crypto market cap fell 0.36% on the day to $2.54 trillion, down 7.12% from the May 10 high, while $660 million of positions were liquidated over 24 hours, including $182.53 million in Bitcoin longs and $255.96 million in Ethereum longs.
2. Tom Lee Attributes Drop to Oil Rally
BitMine chairman Tom Lee highlighted a record-high inverse correlation between Ethereum and crude, noting that a roughly 16% rally in Brent crude over the past month undercut crypto prices and amplified risk-off sentiment across digital assets.
3. Verus-Ethereum Bridge Exploit Raises DeFi Hack Tally
An $11.58 million exploit of the Verus-Ethereum Bridge pushed total DeFi hacks above $20 million in May, potentially disrupting network confidence and transaction volumes relevant to mining operations.