Tom Lee Sees Largest Crypto Bull Run Yet Driven by Tokenization and AI
Tom Lee, Chairman of Bitmine Immersion Technologies, believes that the crypto market has entered a new bull run, which he predicts could be the largest on record. Speaking at Korea Blockchain Week 2026 on September 30, Lee pointed to several factors driving this cycle. These include Bitcoin breaking above its 200-day moving average and returning institutional inflows.
Lee also cited tokenization, a generational wealth transfer, and AI agents using digital money as reasons behind his outlook. He expects this cycle to be shaped by these new drivers, rather than the initial coin offerings, non-fungible tokens, meme coins, and stablecoins that fueled previous bull markets.
Lee noted that capital held by digital asset treasury companies does not face repayment pressure typical of traditional investment funds, which could extend their holding periods and amplify the cycle's impact. He pointed to crypto-related equities outperforming broader markets in Q3 as evidence that the new cycle is already underway.
In a separate exchange on social media earlier this week, Lee agreed with Binance founder CZ that the market could soon turn bullish. Bitmine has continued its weekly Ethereum accumulation strategy since June 2025 and holds over 6 million ETH, worth more than $16 billion at current prices.