Tom Lee: The crypto bear market is nearing its end, and Ethereum continues to benefit from two major bullish narratives

According to ChainCatcher, Bitmine Chairman Thomas “Tom” Lee stated: “We are seeing more and more signs that the mini crypto winter is nearing its end. As the tail-risk of the US-Iran war diminishes, ETH has rebounded 41% from its low in early February. Since the outbreak of the war, ETH has outperformed the S&P 500 Index by 2,280 basis points and remains the best-performing asset globally (excluding oil prices). Ethereum continues to benefit from two major positive narratives, including Wall Street's tokenization of assets on the blockchain and the increasing need for public, neutral blockchains by proxy AI systems. In our view, ETH’s emergence as the best store of value during wartime, and its market leadership since the onset of the war, are both highly significant. Although many believe the crypto winter could last until autumn 2026, our view remains that the crypto winter is nearing its end. Since 2015, every major crypto winter has coincided with at least a 20% correction in the stock market. In fact, the crypto correction of 2025 coincided with a 20% drop in the S&P 500 Index. But in 2026, the stock market correction was milder, at only -8%.”