Tom Lee Predicts 'Largest Crypto Bull Market Ever' but ETH Craters 5%

Fundstrat’s Tom Lee says the crypto bull market is underway and could become the largest in history as Bitcoin (CRYPTO: BTC) has entered a new bullish cycle, while Ethereum (CRYPTO: ETH) could see outsized gains with TradFi assets moving on chain.

In his October 2026 chairman’s message for Bitmine Immersion Technologies (NYSE:BMNR), Lee argued that Bitcoin’s Aug. 19 breakout above its 200-day moving average was a major bullish signal as eight of the nine crossings above the 200-DMA since 2012 signaled bull markets.

Since 2010, Bitcoin has delivered an average six-month forward return of 193% when trading above the indicator, with an 80% positive win rate.

Nevertheless, ETH is down over 5% on Thursday, dropping from $2,700 at the start of the week to $2,420 at the time of writing.

Bitcoin is down 3%, trading around $81,000.

Why Lee Calls It “Biggest Crypto Bull Market“

Lee noted that while earlier cycles were fueled by initial coin offerings, NFTs and stablecoins, the next expansion could be different.

Tokenization will make this cycle fundamentally different from previous retail-driven booms.

If just 10% moves on-chain, Lee projects a potential $16 trillion blockchain market opportunity, based on his assumption that each dollar tokenized generates roughly one dollar in blockchain value.