#以太坊行情解读 Wall Street veteran analyst Tom Lee's significant investment through BitMine Immersion Technologies has once again attracted market attention.

**Current Situation Scan**
As of recent, the institution holds approximately 4 million ETH, about 3.2% of the total Ethereum supply, with assets exceeding $13 billion. In just the past week, it has added over 100,000 ETH, with the largest single transaction in December approaching $400 million. This scale has made it the second-largest publicly known crypto asset treasury globally, directly comparable to MicroStrategy's long-term Bitcoin strategy.

**Where is the Fundamental Support**
The key lies in the resonance across several levels: Fusaka's recent upgrade has directly enhanced network scalability and transaction efficiency, significantly accelerating institutional capital inflows. More critically, the asset tokenization (RWA) track—widely regarded as a trillion-dollar opportunity. Compared to Bitcoin's "digital gold" positioning, Ethereum is gradually becoming Wall Street's preferred public chain for reshaping financial infrastructure. Coupled with the Federal Reserve's rate cut cycle and the relatively friendly current policy environment, signals of market bottoming are becoming increasingly clear.

**The Logic Behind the Numbers**
Although there is an unrealized loss of about $3 billion on paper, this ongoing accumulation precisely indicates institutions' mid-term price outlook. Industry forecasts suggest that by early 2026, Ethereum could reach $7,000-$9,000 or even higher.

**A Calm Observation**
In a market with divided sentiment and small investors holding a wait-and-see attitude, the movements of large funds often reflect deeper logic. But any prediction carries risks—doing your own research (DYOR) and reasonably assessing your risk tolerance are the correct approaches.