I saw this analysis by Tom Lee pass by, and it made me reflect. He says that the crypto mini winter could be in its last breaths, and looking at the numbers from the past few days, it's not entirely out of reality.

Let's start with Ethereum. The rebound since February has been remarkable, about 41% from the low. In the last 30 days, the movement has been positive, even if the recent days have been sideways. What stands out is how ETH has outperformed traditional markets during this period of geopolitical tension. That's no small feat.

Lee argues that behind this strength are two solid narratives. The first is tokenization. Institutions are really starting to move on this front, stablecoins and tokenized funds on blockchain. Ethereum remains the dominant infrastructural layer for these operations; it's hard not to see it. The second is the intersection between artificial intelligence and public blockchain. Decentralized AI systems will need neutral infrastructures, and here Ethereum is well positioned.

What makes this cycle different from previous ones is the macroeconomic context. In previous crypto bear markets, the S&P 500 plummeted over 20%. This time, the correction has been more contained, around 8%. This means the environment is less severe, potentially shortening the duration of the drawdown.

The crypto news circulating is that some analysts expect the bottom around late 2026, but Lee thinks it could arrive earlier if macro conditions stabilize. The real crypto news is that institutional demand continues to grow. Looking at the overall picture, Ethereum remains an interesting asset in this cycle, both as infrastructure and as an indicator of broader market sentiment. It's worth monitoring how these narratives will evolve in the coming months.