Tom Lee Sees Biggest Crypto Bull Market in History: What’s Different This Time?

BitMine Chairman Tom Lee said the next bull market could be the biggest in history, noting that companies’ crypto accumulation is creating a supply dynamic unlike those of previous cycles.

In remarks reported by The Block, Tom Lee said his optimism was based not only on Ethereum’s recent performance, but also on new institutional buyers entering the crypto market. According to Lee, companies accumulating crypto on their balance sheets hold onto those assets for extended periods, reducing the supply available to trade on the market.

How is this different from the 2019–2021 period?

The difference Lee highlighted was the role digital asset treasury companies could play in the new cycle. Lee argued that these companies are effectively removing a portion of the crypto supply from the market for good, and said the same effect was not present during the 2019–2021 period.

The BitMine chairman viewed this trend as positive for the upcoming bull cycle, saying, “We see the potential for this to be the biggest crypto bull market yet.”

Lee also cited the tokenization of assets, wealth transfers, and the connections between artificial intelligence and crypto among the other developments that could support the new cycle.

He highlighted Ethereum’s performance against the stock market

Lee’s assessment also covered Ethereum’s third-quarter performance. He said that despite macroeconomic tightening, high Treasury yields, and Fed policy, Ethereum’s return outperformed the S&P 500 by 68,32 percentage points.

Assessing this performance alongside institutional accumulation, Lee expressed his expectations for the coming cycle not just for Ethereum, but for the broader crypto market.

BitMine’s weekly reserve update provides context for the remarks: the company bought 12.532 ETH last week, bringing its total holdings to 6.028.946 ETH and its share of the Ethereum supply to approximately 4,9 percent. The update valued these reserves at approximately $15,3 billion, based on a price of $2.544 per ETH.