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

On April 20, Bitmine Chairman Thomas ‘Tom’ Lee stated, 'We are seeing more and more signs that the ‘mini crypto winter’ is nearing its end. With the diminishing downside risks of the US-Iran war, ETH has rebounded 41% from its low in early February. Since the outbreak of the war, ETH has outperformed the S&P 500 by 2,280 basis points and remains one of the best-performing assets globally (excluding oil prices). Ethereum continues to benefit from two positive narratives: Wall Street’s asset tokenization on the blockchain and the increasing need for public, neutral blockchains in proxy AI systems. In our view, ETH becoming the best ‘wartime store of value’ and leading the market since the war began is significant. Although many believe the crypto winter could last until the fall of 2026, our perspective remains that the crypto winter is nearing its end. Since 2015, every major crypto winter has coincided with at least a 20% pullback in the stock market. In fact, the crypto pullback in 2025 coincided with a 20% drop in the S&P 500. However, in 2026, the stock market’s pullback is expected to be milder, at only -8%.