Tom Lee has long been optimistic about crypto assets. Since its inception, Bitmine planned to hold 5% of the global ETH supply for five years, and has now completed 95% of that in just 12 months, holding 5.74 million ETH (about 4.8% of the total supply), with 85% already staked, demonstrating a long-term institutional allocation path.

In terms of capital pathways, institutions are concentrating resources on the Ethereum settlement layer through Layer 2 construction and large-scale staking. ETH, as a "currency," combined with Agentic AI, aims to capture the long-term dividends of the migration from the traditional financial system to blockchain.

Similar to Nvidia's transformation from GPU to AI platform, Ethereum is currently in an expansion phase transitioning from early speculative frenzy to infrastructure and financial settlement layer. The new foundation structure provides governance support.

Essentially, this represents capital concentration: large institutions and enterprises are concentrating their holdings in the ETH ecosystem, combining Layer 2 and AI agents, which mechanism-wise shifts pricing power from speculative cycles to practical value and network effects, laying the foundation for the second growth phase.

ABAB News · Cognitive Law

Bottom abandonment nurtures a second spring; institutional entry signals are stronger than price fluctuations.
Capital is concentrating on infrastructure; network effects determine long-term winners and losers.
Holding and staking are not speculation but tickets to participate in the reconstruction of the financial system.