From Tom Lee's multiple interviews, it can be seen that he has long been optimistic about the core logic of Ethereum: Ethereum is the core settlement layer of the future financial foundation. ETH is not only a digital currency, but also a platform for building and running DeFi and stablecoins NFT、 Infrastructure for on chain markets, RWA, etc. Especially in terms of RWA, this will be the biggest narrative in the future. Wall Street is putting trillions of assets (bonds/stocks, etc.) on the blockchain to Ethereum, which serves as the dominant settlement layer and generates a significant amount of demand, driving up the value of ETH. Tokenization is not a short-term speculation, but a structural transformation that will drive ETH's bull market independent of BTC. 2. Institutional adoption and ecological maturity. Currently, there are approximately 4 million BTC wallets worldwide holding assets worth over $10000, while there are nearly 900 million stock/pension accounts worldwide holding similar amounts, a gap of over 200 times. By comparison, encryption is still in its early stages; The developer community of Ethereum is the strongest; The Ethereum network operates most robustly. In addition, unlike BTC, ETH has practical benefits such as staking income, DeFi, etc., which makes it more suitable for institutions to hold for the long term. 3. Non consensus opportunities. Tom Lee has always been fond of "non consensus" investments (earning 100x in telecommunications stocks in the 1990s when he was young). Currently, many OG (early players) find cryptocurrency "boring" and turn to AI or stocks, but this is precisely because they have matured while the industry is still in its infancy - a new wave of investors is about to enter. It's not just talking without doing, but talking and doing. BitMine (BMNR) is the world's largest ETH treasury company, with Tom Lee as its chairman. BitMine already holds approximately 3.86 million ETH (about 3.2% of the total supply) and aims to reach 5%. In December 2025, BitMine will continue to buy a large amount of ETH (even if the price fluctuates), with a cash reserve of $1 billion and staking income. (Note: Actually, 3.2% is already a lot, and 5% is slightly more) Tom Lee's price prediction section (this section doesn't need to be too serious, after all, price prediction is God's business) The craziest long-term goal: If the ETH/BTC ratio returns to 0.25, ETH can reach $62000 (extreme scenario, based on super cycles). A more realistic target for 2026: $7000- $9000 (2026), or even $20000 (assuming tokenization erupts). He believes that ETH has bottomed out by the end of 2025/early 2026 and may experience short-term fluctuations, but 2026 will be a "big year" for the L1 chain (especially ETH).