Tom Lee says Ethereum may be gearing up for one of its biggest bull runs yet. According to the Fundstrat Global Advisors co-founder, who spoke at Binance’s blockchain conference in Dubai this week, ETH could climb to $20,000 as demand for real-world asset (RWA) tokenization accelerates and market conditions shift.
Bitcoin’s Old Cycle is “Dead,” Lee Says
Lee also made a bold claim about Bitcoin’s long-standing four-year halving cycle: he believes it’s over. Instead, he expects Bitcoin to behave more like a macro asset in 2025, largely tracking the S&P 500 before hitting new all-time highs in early 2026.
While this shift could temper BTC’s traditionally explosive movements, Lee argued it creates a healthier market foundation — and sets the stage for Ethereum to take the spotlight.
Why Lee Thinks Ethereum Is Greatly Undervalued
A major part of Lee’s bullish thesis boils down to tokenization. Wall Street institutions are rapidly experimenting with blockchain-based versions of bonds, funds, and other assets. According to data from RWA.xyz, Ethereum and its ecosystem — including layer-2 networks and EVM-compatible chains — control over 70% of all tokenized asset value today.
Lee believes this dominance won’t just last, but expand, putting Ethereum at the center of future financial plumbing. From tokenized securities to on-chain payments, he says Ethereum is positioned to become a key layer for the next generation of global finance.
Lee pointed to Ethereum’s long period of price consolidation — roughly five years — as another reason the asset could be ready for a major breakout. That extended sideways movement, he argued, often precedes unusually strong upside moves. It’s also why he recently shifted BitMine, the company he leads, into an Ethereum-focused treasury model.
Blockchain analytics service Lookonchain reported that BitMine has made several ETH purchases this week, though the firm has not publicly confirmed the transactions or revealed the amounts.
Technical Analysts Also Spot Bullish Signals
Market analysts are also seeing hints of upward momentum. A trader known as “Sykodelic” noted that Ethereum has repeatedly rallied over the past five years whenever its daily RSI swung from overbought to oversold before breaking above trend lines. That same pattern now appears to be forming again.
ETH is still facing resistance, which caused a dip during Asian trading hours. But the price structure has improved after recovering from a double-bottom and forming what looks like a W-pattern, a formation traders often associate with trend reversals.
A Long Wait — and a Big Move Ahead?
After half a decade stuck in a tight price range, Ethereum now finds itself at a turning point. With rising institutional interest, strong technical indicators, and a growing share of the tokenization market, Lee argues that the coming cycle may look nothing like the last — and ETH could be the biggest winner.
Whether or not Ethereum reaches $20,000, one thing is clear: the narrative around tokenized assets is only just beginning.
Also Read: Bitcoin Struggles Below $94K as Downside Pressure Builds
