Tom Lee: Bull market has begun, Ethereum may see a stronger rally in Q4

BlockBeats news, September 21: Tom Lee, Chairman of Ethereum treasury company Bitmine, said, "We believe the crypto bull market has already begun, starting at the end of June, driven by multiple factors, including capital rotating back from AI into the crypto market, continuously strengthening crypto industry fundamentals around tokenization and AI, and the end of the four-year cycle. With just over a week left in Q3 2026, ETH's performance advantage as a macro asset is still widening.

In our view, ETH significantly outperforming other macro assets in Q3 2026 may signal a stronger rally in Q4 2026. Because institutional investors' allocation to crypto assets in 2026 is low, partly due to the strong performance of AI stocks in early 2026, we expect institutions to significantly increase crypto asset exposure in the final three months of 2026. This could bring further upside to the gains since June 30."