Ethereum: Wall Street's New Blockchain Backbone Emerges

Tom Lee, co-founder of Fundstrat and chairman of Bitmine, has reiterated his bullish outlook for the cryptocurrency markets, emphasizing that a recent pullback in the “supercycle” is a healthy correction rather than a sign of a waning bull market. Speaking at the Korea Blockchain Week 2025, Lee framed Ethereum as a foundational asset poised to outperform Bitcoin in the long term, citing its “neutral chain” architecture and institutional adoption as key drivers. He projected Ethereum could reach $10,000 to $12,000 by year-end 2025, with potential for a $15,000 target if favorable market conditions persistTom Lee Predicts 10-15 Year Ethereum Super Cycle^[1].

Lee’s analysis centers on Ethereum’s role in a broader macroeconomic shift, where Wall Street and regulatory bodies are increasingly aligning with blockchain-based financial infrastructure. He highlighted the passage of the GENIUS Act—a U.S. legislative proposal to regulate stablecoins—as a catalyst for Ethereum’s dominance in the stablecoin market, which currently accounts for 54.45% of the sector’s market capFundstrat’s Tom Lee Says Ethereum Facing Supercycle Moment^[2]. The act, Lee argued, would accelerate the tokenization of real-world assets, a trend he compared to the 1971 gold standard collapse, which spurred financial innovation. He also noted that Ethereum’s censorship-resistant design and programmability make it the preferred platform for institutions seeking to tokenize assets, a process he described as a “dramatic transformation” of global financeTom Lee Predicts Ethereum and Bitcoin Surge in 2025^[3].

Bitcoin, while still a core component of the supercycle, faces a different trajectory. Lee forecasted a price range of $200,000 to $250,000 for Bitcoin by year-end 2025, driven by seasonal demand and institutional inflows. However, he acknowledged a recent 9% decline in Ethereum’s price over the past month, which he attributed to short-term volatility within the supercycle. “A pullback is healthy,” he stated, emphasizing that the macro bull market remains intact due to sustained demand from corporate treasuries and institutional investorsTom Lee Says Ethereum Is Entering A 'Macro Super Cycle'^[4].

Bitmine, now the world’s second-largest Ethereum treasury, has amplified its holdings to 2.4 million ETH (roughly 2% of the supply) and raised $365 million to further strengthen its positionTom Lee Predicts 10-15 Year Ethereum Super Cycle^[1]. The company’s staking strategy generates significant income, with Lee estimating annual pre-tax net income of $300 million from its $9 billion Ethereum portfolio. This approach, he argued, offers structural advantages over direct crypto ownership, positioning Bitmine as a key player in the institutionalization of digital assetsTom Lee Says Ethereum Is Entering A 'Macro Super Cycle'^[4].

Lee’s optimism is underpinned by broader macroeconomic factors, including the exponential growth of stablecoins and the U.S. Treasury’s projected expansion of the stablecoin market to $4 trillion. He also highlighted the role of artificial intelligence and robotics, which he believes will rely on neutral, programmable blockchains like Ethereum for future applications. “Ethereum is not just a cryptocurrency—it’s the infrastructure for a new financial era,” he asserted, linking its adoption to the digitization of global assetsFundstrat’s Tom Lee Says Ethereum Facing Supercycle Moment^[2].

Despite the bullish forecasts, Lee cautioned that the supercycle’s longevity depends on regulatory clarity and continued innovation. He noted that the SEC’s Project Crypto and the White House’s dual agenda—legitimizing stablecoins and rebuilding Wall Street on blockchain—create a favorable environment for Ethereum’s dominance. However, he acknowledged risks, including potential overregulation and the need for decentralized governance to prevent monopolization of AI-driven financial systemsCrypto Supercycle Ahead? Tom Lee Forecasts Ethereum $60K and Bitcoin $1M^[5].