Tom Lee says FOMC minutes show why ETH has inverse correlation with oil

Tom Lee, chairman of the publicly traded Ethereum strategy reserve company Bitmine (BMNR) and co-founder of Fundstrat, stated on X that the April minutes from the U.S. Federal Open Market Committee (FOMC) clearly illustrate why ETH and crude oil prices have an inverse correlation. He explained that the FOMC mentioned the need for monetary tightening if inflation remains persistently above 2%. According to Lee, rising crude oil prices fuel inflation, which in turn increases the likelihood of a Fed interest rate hike. As cryptocurrency prices, including Ethereum, are linked to monetary liquidity, they consequently show an inverse correlation with oil prices. He also noted that a war between the U.S. and Iran would have a decisive impact on oil prices.