Tom Lee remains bullish despite Ethereum’s weak price, urging investors to “buckle up” as his earlier $62,000 ETH scenario returns to focus.
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Key Takeaways
Tom Lee says Ethereum’s disappointing price performance reflects market impatience despite progress in tokenization.
The Bitmine chairman maintains a bullish outlook on crypto over the next 24–36 months.
His earlier $62,000 Ethereum scenario would imply a market capitalization of approximately $7.58 trillion at an unchanged supply.
Tom Lee has urged crypto investors to “buckle up,” arguing that Ethereum’s recent weakness was due to “the impatience of markets,” while maintaining a bullish outlook for the next two to three years.
The Fundstrat co-founder and Bitmine chairman pointed to tokenization, Ethereum’s emerging store-of-value narrative, and continued room for capital to flow into crypto despite competition from artificial intelligence.
His recent comments came in response to economist Andreas Steno Larsen’s forecast of easing inflation pressures.
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In his X post, Lee acknowledged frustration with Ethereum’s recent performance but argued that investors were overlooking developments supporting its longer-term prospects.
“To me, the languishing of $ETH price, while disappointing is arguably more a reflection of the impatience of markets.”
Lee cited “steady and visible progress” in what he called the tokenization supercycle, saying the vast majority was taking place on Ethereum.
Tokenization involves representing assets such as securities and investment fund shares on blockchain networks.
To me, the languishing of $ETH price, while disappointing
is arguably more a reflection of the impatience of markets
– in 2026 – steady and visible progress is made on the tokenization supercycle – vast majority on Ethereum $ETH – founder of ethereum @VitalikButerin affirms… https://t.co/b8M1VmrFgy
— Thomas (Tom) Lee (not drummer) FundstratDirect.com (@fundstrat) November 10, 2026
He also pointed to Ethereum co-founder Vitalik Buterin’s support for ETH as a store of value.
Alongside those developments, Lee rejected the idea that artificial intelligence was absorbing all the fresh investment capital.
“AI narrative is not consuming all incremental capital,” he wrote.
Lee said the combination supported an extended bullish outlook:
“Adds up to a bullish outlook for crypto next 24-36 months. Pls buckle up.”
Vitalik Buterin’s ETH Argument Reinforces Lee’s Outlook
Lee’s comments follow Vitalik Buterin’s challenge to the idea that transaction-fee burning should be the primary basis for Ethereum’s valuation.
In his Nov. 8 remarks, Buterin wrote:
“ETH as fee-burning token never was as strong as it seemed.”
He argued that focusing on Ethereum as a store of value better aligned with ETH’s decentralization and resistance to capture.
He nevertheless supported retaining EIP-1559 and its burn mechanism.
Lee has interpreted that position as support for valuing ETH through its role in financial infrastructure, including its use as collateral.
The investment question remains: how much demand do those applications create for holding Ethereum? Growth in tokenized assets alone does not establish a set price.
Tom Lee’s Earlier $62,000 Ethereum Scenario
Lee’s latest comments also put his earlier $62,000 ETH scenario back in focus.
“If ETH gets to $62,000, that’s $1,200 to $1,500 per share.”
Using $2,100 as a starting point, Ethereum would need to rise approximately 2,852% to reach around 29.5 times that price.
At an unchanged supply of 122.2 million ETH—the estimate used in Bitmine’s latest announcement—a $62,000 price would imply a market capitalization of approximately $7.58 trillion.
His optimism also comes as his firm continues to accumulate Ethereum.
Bitmine’s Nov. 9 announcement reported another weekly purchase of 9,587 ETH, bringing its holdings to over 6 million tokens, representing around 4.97% of the supply.
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Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
