Tom Lee: The crypto bear market is coming to an end, and Ethereum continues to benefit from two positive narrative influences According to BlockBeats, on April 20th, Bitmine Chairman Thomas "Tom" Lee stated, "We are seeing increasing signs that the 'mini crypto winter' is coming to an end. As the downside risk at the end of the US Iran war weakens, 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 2280 basis points and remains the world's best performing asset (excluding crude oil prices). Ethereum continues to benefit from two positive narrative influences, including Wall Street's asset tokenization on the blockchain and the increasing need for a public and neutral blockchain in proxy AI systems. In our view, ETH becoming the best 'wartime value storage' and leading the market since the beginning of the war are of great significance. Although many people believe that the crypto winter may last until the autumn of 2026, our view is still 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 cryptocurrency pullback in 2025 is synchronized with a 20% decline in the S&P 500 index. But in 2026, the stock market correction will be relatively mild, only -8%