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ETH Tom Lee: The crypto market has entered a bull market, with Bitmine holding more than 5% of Ethereum supply.
Tom Lee believes that the cryptocurrency market has officially entered a bull market. As the co-founder of Fundstrat, he not only relied on market forecasts to support this view, but also relied on more substantial data-Bitmine currently controls nearly 5% of Ethereum's total supply-to support his judgment.
At the Korea Blockchain Week held on Wednesday, Lee pointed out that Bitcoin broke the 200-day moving average, institutional funds re-flowed in, the acceleration of the tokenization process, and the increasing use of digital currencies by artificial intelligence agents all indicate that the crypto market has entered a bull market cycle.
This view is not the first change in Lee's view. Previously, Bitmine had stated in its latest corporate update that it believed the bull market began in late June and emphasized that institutional investors are still under-allocating cryptocurrencies and may increase exposure in the last few months of 2026.
Bitmine has invested billions of dollars in betting on bull market logic
Bitmine's huge position in Ethereum makes Lee's bullish views particularly eye-catching. As of September 27, Bitmine held 6,001,302 ETH units, accounting for 4.9% of Ethereum's total supply of 122.1 million units. The company said that after about 15 months of accumulation, its "5% alchemy" goal has been achieved 98%. Its holdings of cryptocurrencies, cash and marketable securities totaled US$17.2 billion.
This shows a significant increase compared with the 5.7 million ETH and 4.7% supply ratio disclosed at the end of June. Although the crypto market continues to fluctuate, Bitmine's accumulation has not stopped.
Institutional adoption of
Lee's logic that has become the core driving force of the bull market goes beyond mere cryptocurrency price movements. He believes that tokenization and deepening institutional adoption will make the subsequent stages of this cycle structurally different from previous rallies.
This argument has gained support at the infrastructure level. The newly launched "Ethereum Institutional initiative" is targeting banks, asset managers, custodians and market infrastructure companies, and the ecosystem is constantly improving as more financial assets move onto the chain.
