Tom Lee Says Ethereum’s Biggest Bull Case Is No Longer Crypto
The Ethereum (ETH) bull case now not rests on crypto-native hypothesis, in accordance with Bitmine Immersion Technologies Chairman Tom Lee. He argues that Wall Street adoption is the brand new progress driver and that buyers are quitting on the unsuitable second.
ETH trades close to $1,880, about 60% beneath its 2025 peak close to $5,000. However, Lee believes that the hole displays a transition quite than a ceiling.
Wall Street Replaces Speculation within the Ethereum Bull Case
Lee laid out the thesis in Bitmine’s July Chairman’s message. Ethereum’s first period, powered by ICOs, NFTs, ETFs, and stablecoins, noticed ETH twice commerce close to $5,000. In his view, the following period belongs to establishments.
“Unlike the crypto bear market of 2022, Wall Street is constructing on Ethereum.”
The names help him. BlackRock’s BUIDL now holds roughly $2.6 billion in tokenized Treasuries and has earned Moody’s high money-market rating this yr.
Follow us on X to get the newest information because it occurs
JPMorgan followed with its MONY fund, extending a tokenization push it started with Onyx in 2020.
Lee additionally counts almost 6,000 builders on the EVM stack, citing Electric Capital knowledge that ranks Ethereum first for brand spanking new builders. Meanwhile, new institutional vehicles keep deepening that bench.
Robinhood Chain Makes ETH Money, Lee Says
Robinhood Chain, dwell since July 1 on Arbitrum, anchors the argument. Within two weeks, it ranked third amongst all networks by DEX quantity at about $811 million daily, passing Ethereum itself, per DefiLlama.
Ethereum has since taken again its place, and Base has additionally surpassed Robinhood following warnings from analysts at Artemis.
Notwithstanding, Lee says cumulative quantity has since crossed $1 billion.
“Robinhood Chain is an enormous deal as a result of it makes use of ETH because the native fuel token. The transaction charges are denominated in ETH, and so they decide on the Ethereum L1. Guess what? That feels like ETH is cash.”
Robinhood CEO Vlad Tenev has argued that the whole lot working on conventional rails will finally transfer on-chain.
Lee compares at present’s Ethereum to Amazon. The inventory stalled close to a split-adjusted $6 for 12 years, then climbed to $241 as its addressable market expanded.
“I feel persons are rage quitting on the backside for Ethereum right here.”
The Case Against the Thesis
Lee concedes the bearish learn. ETH has failed twice on the identical ceiling, and skeptics see little cause for a distinct end result this cycle.
“Many persons are going to take a look at ETH right here and say, look, the top quality is 5,000, and so they don’t see additional upside.”
The economics additionally reduce each methods. Robinhood Chain pays Ethereum’s base layer virtually nothing in charges, and Artemis CEO Jon Ma warns its boom remains meme coin driven quite than institutional.
Lee can also be removed from impartial. BitMine reported 5.77 million ETH in its latest weekly disclosure, about 4.8% of the 120.7 million provide. That makes Lee among the many largest beneficiaries if institutional adoption confirms his thesis.
The submit Tom Lee Says Ethereum’s Biggest Bull Case Is No Longer Crypto appeared first on BeInCrypto.
