Tom Lee: Crypto Bear Market Nearing End, Ethereum Continues to Benefit from Two Bullish Narratives

BlockBeats News, April 20th, Bitmine Chairman Thomas "Tom" Lee stated: "We are seeing more and more signs indicating that the 'Mini Crypto Winter' is coming to an end. With the diminishing downside risk of the US-Iran war tailing off, ETH has rebounded 41% from its early February low. Since the outbreak of the war, ETH has outperformed the S&P 500 index by 2,280 basis points and remains the best-performing asset globally (excluding oil prices).

Ethereum continues to benefit from two major bullish narrative impacts, including Wall Street's asset tokenization on the blockchain and the increasing need for a public, neutral blockchain for proxy AI systems. In our view, ETH becoming the best 'wartime store of value,' and leading the market since the start of the war, are both significant.

Although many believe that the crypto winter may last until the fall of 2026, our view remains that the crypto winter is near its end. Since 2015, every major crypto winter has coincided with at least a 20% stock market pullback. Indeed, the 2025 crypto pullback synchronized with a 20% decline in the S&P 500 index. However, in 2026, the stock market pullback is more modest, at only -8%."