Tom Lee indicates that the crypto market has entered a bull market phase, but the co-founder Fundstrat uses more than just market forecasts to support this judgment: Bitmine currently holds nearly 5% of the total Ethereum supply.

On Wednesday, during the Korea Blockchain Week, Lee stated that the crypto market has entered a bull market phase. He pointed out that Bitcoin has broken through the 200-day moving average, institutional funds are flowing back into the market, tokenization is accelerating, and digital currencies are being used more and more by AI.

Bitmine is betting billions of dollars on the judgment of Lee.

The scale of Ethereum held by Bitmine makes Lee's bullish perspective particularly noteworthy.

As of September 27th, Bitmine held 6,001,302 ETH, which is equivalent to 4.9% of Ethereum's total supply of 122.1 million. The company stated that after approximately 15 months of accumulating ETH, they have completed 98% of their goal to reach "5% of Alchemy of". Their total assets, including cryptocurrency, cash, and tradable securities, amount to 17.2 billion US dollars.

The bullish logic is increasingly centered around institutions.

The judgment of Lee is not just about cryptocurrency prices. He believes that tokenization and the adoption by institutions may make the next phase of this cycle structurally different from the previous rounds of gains.

This viewpoint is already supported by the corresponding infrastructure. The recently launched Ethereum Institutional initiative is targeted at banks, asset management companies, custodian institutions, and market infrastructure companies. As more financial assets are brought onto the blockchain, these institutions will become the primary targets.