From Tom Lee's various interviews, it can be seen that he has a long-term optimistic view on the core logic of Ethereum: 1. Ethereum is the core settlement layer of future finance. ETH is not only a digital currency but also the infrastructure for building and running DeFi, stablecoins, NFTs, on-chain markets, RWA, and more. Especially in terms of RWA, this will be the biggest narrative in the future. Wall Street is moving trillions of dollars in assets (bonds/stocks, etc.) onto Ethereum, and as the dominant settlement layer, Ethereum will generate massive demand and drive 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 ecosystem maturity. Currently, there are about 4 million BTC wallets worldwide holding over $10,000 in assets, while there are nearly 900 million stock/pension accounts holding similar amounts globally, a gap of over 200 times. In comparison, crypto adoption is still in its early stages; Ethereum has the strongest developer community; and the Ethereum network operates the most robustly. Additionally, unlike BTC, ETH has actual utility, such as staking rewards, DeFi, etc., making it more suitable for long-term institutional holding. 3. Non-consensus opportunities. Tom Lee has always favored "non-consensus" investments (he made 100x on telecom stocks in the 90s when he was young). Many OGs (early players) currently find crypto "boring" and are turning 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 flood in. 4. Not just talk, but action as well. BitMine (BMNR) is the world's largest ETH treasury company, and Tom Lee is its chairman. BitMine currently holds about 3.86 million ETH (about 3.2% of the total supply), with a goal of reaching 5%. By December 2025, BitMine will continue to buy large amounts of ETH (even with price fluctuations) and has a cash reserve of $1 billion + staking rewards. (Note: Actually, 3.2% is already a lot, 5% is slightly excessive) Tom Lee's price predictions (this part should not be taken too seriously, after all, price predictions are a matter for the gods): • The "craziest" long-term target: If the ETH/BTC ratio returns to 0.25, ETH could reach $62,000 (extreme scenario, based on a super cycle). • A more realistic target for 2026: $7,000–$9,000 (2026), or even $20,000 (provided that tokenization explodes). • He believes that by the end of 2025/beginning of 2026, ETH will have bottomed out, with possible short-term fluctuations, but 2026 will be a "big year" for L1 chains (especially ETH).