Lee: Wall Street Adoption Drives Ethereum Bull Case

Tom Lee, Chairman of Bitmine Immersion Technologies, believes that Ethereum's bull case is no longer driven by crypto-native speculation. He argues that Wall Street adoption has become the main growth driver for the asset.

Lee points out that in the past, Ethereum's price was influenced by factors such as NFTs, ETFs, and stablecoins. However, he believes that a new era has begun, where institutions are driving the market forward.

The names supporting Lee's thesis include BlackRock's BUIDL fund, which holds around $2.6 billion in tokenized Treasuries and has earned Moody's top money-market rating this year. JPMorgan also launched its MONY fund, further increasing institutional involvement in Ethereum.

Lee also highlights the significant number of developers working on the EVM stack, with nearly 6,000 builders according to Electric Capital data. Additionally, new institutional vehicles are being developed to deepen investment in Ethereum.