Tom Lee still firmly bullish on the next phase of Crypto.

He believes the crypto market is approaching a new "super cycle," and in this cycle, the truly core benefiting assets are likely still Ethereum.
In his view, the two main themes behind this rally are becoming increasingly clear:
① Asset tokenization driven by Wall Street (Tokenization)
② Growth in on-chain demand brought by AI Agents
Especially asset tokenization.
As ETFs, stablecoins, US stock tokenization, and RWA continue to advance, more and more traditional financial assets are migrating onto the chain.
And the underlying infrastructure most likely capable of supporting this value is ultimately the Ethereum ecosystem.
Tom Lee even thinks that the previous major correction in ETH essentially provided the market with a good opportunity to reorganize.
Another noteworthy data point is:
Currently, the staked amount of Ethereum has exceeded 39.2 million ETH, about 32% of the total supply.
This means more and more ETH in the market is being locked up long-term.
While supply continues to decrease, institutions are still increasing their holdings.
For example, Bitmine added another 111,942 ETH last week,
and its holdings now approach 4.47% of the total Ethereum supply.
Many in the market are still discussing ETH's "slow growth."
But perhaps the real question is:
When Wall Street starts moving real-world assets onto the chain,
are there any other public chains that can support this part of financial trust like Ethereum?