The Ethereum (ETH) bull case no longer rests on crypto-native speculation, according to Bitmine Immersion Technologies Chairman Tom Lee. He argues that Wall Street adoption is the new growth driver and that investors are quitting at the wrong moment.
ETH trades near $1,880, about 60% below its 2025 peak near $5,000. However, Lee believes that the gap reflects a transition rather than a ceiling.
Wall Street Replaces Speculation in the Ethereum Bull Case
Lee laid out the thesis in Bitmine’s July Chairman’s message. Ethereum’s first era, powered by ICOs, NFTs, ETFs, and stablecoins, saw ETH twice trade near $5,000. In his view, the next era belongs to institutions.
