저자: TomLee · 외국인
요약 보기
이더리움 기반 DAT(디지털자산 금고회사) 보유량 확대와 기관 토큰화 수요를 근거로 이더리움이 향후 12개월 내 1만 달러를 넘을 수 있다고 주장. 현재 ETH 보유 600만 개 돌파, DAT 전체 공급량 약 7% 보유, 15%까지 확대 전망. 비트코인 대비 저평가 구간 매수 논리와 3분기 이더리움 65% 상승 언급.
다듬은 글
You're buying the crypto at a discount. So, in a bull market, you're better off buying the dip. Because like if you don't want to pay, you know, 85,000 for Bitcoin, you can buy it at 60,000, right? You know, in the past cycles Ethereum has gone up 50 times to 200 times. So, let's say ETH goes up 25 times.
That's 62,000 ETH. I mean, Bitmain shareholders are going to make a lot of money just by us holding ETH. We also executed the largest buyback in the crypto industry ever. 21 million shares of 350 million. One of the more significant observations in Tom Lee's comments is his assessment that Ethereum is becoming more commercial following changes in the structure and direction of its foundation.
This is an important development because the commercial success of a blockchain ecosystem depends on more than technological innovation alone. It also requires organizations that can connect infrastructure with real economic demand. Financial institutions, asset managers, corporations, developers, and digital asset treasury companies all approach Ethereum from different perspectives.
Some want to use the network to facilitate transactions. Others want to issue tokenized assets, build financial applications, or hold ETH as a treasury asset. I mean, I think ETH by design was really a a chain for everybody. Mhm. Um uh but they've made a lot of improvements. So, I think speed won't will no longer and even usability.
I mean, those issues have been largely addressed. And then companies like ETH gas actually really shortening block times. Um I I would say Ethereum, especially that sort of now this post restructure, the foundation is really becoming a lot more commercial. We just crossed over 6 million ETH. It took us 15 months.
Um most of it happened in the middle of a bear market. So, I think it's a pretty substantial accomplishment given crypto's basically been in a winter. Uh but I think the next 12 to 18 months uh all of the Dats, not just the you know, Bitmain are going to really ramp up their purchases of crypto. So, I think the cryptos that have Dats are going to be the best performing because these Dats essentially buy the crypto and take out supply.
The Ethereum Dats own a total of 7% of the supply right now. That's more than Bitcoin Dats or the Solana Dats. And I could probably see that getting to 15% in this bull cycle. We haven't announced uh what we'll do. Um but to break some news here. Yeah. But I think we have three priorities. You know, one is we're going to want to maintain our maximum exposure to ETH because uh again, I think Arthur's conservative in the sense that you know, in the past cycles Ethereum has gone up 50 times to 200 times.
So, let's say ETH goes up 25 times. That's 62,000 ETH. I mean Bitmain shareholders are going to make a lot of money just by us holding ETH. We also executed the largest buyback in the crypto industry ever, 21 million shares at 350 million. Right. And it was done in July. We literally marked We really made the bottom for Bitmain.
That was the bottom for the stock and then a month later, you know, we've actually almost doubled in price. And uh we have all these moonshots. I think in the next crypto cycle, if it's about tokenization and AI and compute uh we have a big balance sheet we could be leveraging opportunities there. They People should sort of put them in two buckets.
If a Dat is trading below NAV they're you're buying the crypto at a discount. So, in a bull market, you're better off buying the Dat because like if you don't want to pay, you know, 85,000 for Bitcoin, you can buy it at 60,000, right? Um but the ones that are trading above NAV and I bet you all of the Dats are going to go above NAV in this bull market.
Then they issue capital and buy more crypto and they take out supply. That dynamic is going to cause a huge move in price. I mean, I think one of the reasons why Hyperliquid's done so well is that the Hyperliquid DAO owns 14% of the supply. So, and they're they're continuing to buy. What happens when they get to 50% of supply?
I mean, Hyper could go parabolic, right? If accurate on a consistent measurement basis, that comparison would suggest that corporate accumulation has become a particularly important feature of Ethereum's market structure. Bitcoin's investment thesis is commonly associated with scarcity, monetary independence, and its potential role as a store of value.
Solana's investment case is more closely associated with its blockchain performance, application ecosystem, and activity across areas such as decentralized finance and consumer-facing crypto applications. Many financial institutions are already giving explicit advice, you know, advisory recommended allocations, and it's anywhere from 2 to 10%.
If I look at the Fundstrat universe of institutions, maybe 5% or even 2%, meaning the vast majority of institutional investors have no crypto allocation. And it was the best-performing asset in the third quarter by a country mile. I mean, Ethereum's up 65%. The S&P is like flat. Um, I think you're going to see a huge rotation in the fourth quarter.
I mean, I'm not sure you framed it correctly cuz if you look at all the projects, whether it's JPMorgan or BlackRock, 99% are on Ethereum. So, Ethereum hasn't lost any share. I don't know what you mean by they've lost share. In fact, I think they've gained share because if tokenization is the next wave, there's only one chain that's been dominant.
From the financial institution perspective, that is really the next way for financial institutions to grow their profits because tokenization allows a bank, I mean, across the entire organization to not only be more efficient, but to transform the assets that they hold. So, it's a big opportunity for the for the banking world and you know, keep in mind half of the economy is financial services.
So, it is literally half of the world moving on chain. It's a big opportunity for crypto. And again, banks have tried to do private chains. It hasn't really created liquidity and actually the success. But the ones that are building it on public chains like Ethereum have actually had a lot of success.
Mhm. You know, that's every every industry is competitive. So, I think you should we should expect it to be competitive. Crypto, first of all, is not competing with each other as much as they're competing with TradFi, right? Uh and traditional systems. So, in some ways like Ethereum and Solana and Avalanche, they and even Canton, they're all really working towards the same goal.
And ultimately, they're going to represent, you know, the new financial system. But if you look at developer depth, it's it's not even close, right? There Ethereum is probably close to 20 times the size of the next largest L1. And then if you look at staking diversity, which is really network security, uh it's incredibly diversified.
Um there isn't concentration. But again, if you look at the other L1s, you know, one entity might be 70% of the security. So, you know, is 70% of single entity being a secure part of the security budget, is that really a decentralized chain or is it centralized? So, I think it's there isn't any other chain that's actually as competitive as Ethereum at the moment.
And lastly, why is it important for you to show up at a conference like Korea Blockchain Week? What are you hoping to learn here and take back home? Uh well, I mean, first of all, Korea is a huge center for financial services. You know, they're really big traders of common equity. Um they're big in crypto.
I mean, it's a very innovative community. Uh but at conferences like this, all the major companies are here. So, we are having a lot of strategic discussions and uh that's why we're actually at these conferences.
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