Fundstrat head of research Tom Lee recently reiterated his assertion that Ethereum (ETH) is the “biggest macro trade over the next 10 to 15 years.” But is the market’s optimism a green flag, or a signal to take profits?
As Ethereum hurtles relentlessly toward $5,000, it’s easy to join Lee in the ultra-bullish chorus. After all, buying activity begets buying activity, right?
That’s certainly how it feels during a year when the U.S. dollar is on a downtrend and major cryptocurrencies like Bitcoin and Ethereum are on the rise. Bitcoin took the lion’s share of the spotlight during 2025’s first half, but so far, it looks like the year’s back half belongs to Ethereum.
Is it just Ethereum’s turn to play catch-up to its bigger brother Bitcoin, or are there other catalysts at play here? One confidence booster, no doubt, came from British bank Standard Chartered, which raised its end-of-2025 ETH-USD price target from $4,000 to $7,500.
Additionally, cryptocurrency investor BitMine Immersion Technologies recently disclosed holdings of $5 billion worth of Ethereum. That’s in comparison to the company’s much smaller $18.8 million Bitcoin hoard.
Courtesy: @Blackmen_10
No matter how you slice it, long-term Ethereum holders are in the winner’s circle at the moment. If you can believe it, the market cap of Ethereum in dollar terms is now larger than that of Exxon Mobil, Mastercard, or Netflix.
Naturally, Tom Lee isn’t the only commentator noting the powerful ETH-USD bull market. Spencer Hallarn, global head of over-the-counter trading at crypto investment firm GSR, observes that Ethereum’s “positive price momentum has reinforced further investor enthusiasm and flows into the space.”
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Lee, meanwhile, is evidently putting his money where his mouth is. Specifically, BitMine Immersion Technologies, which is chaired by Lee, has revealed plans to sell up to another $20 billion worth of the company’s stock shares in order to buy more Ethereum.
Eventually, BitMine Immersion Technologies seeks to own 5% of the world’s outstanding ETH tokens. Some other firms, such as SharpLink Gaming and BTCS, are using similar Ethereum-stockpiling strategies.
Ethereum hoarding might sound like an oddball strategy, but it’s one that could pay off in 2025. Impressively, SharpLink Gaming (SBET) stock was up by 206.25% year-to-date as of August 13.
Courtesy: @Washigorira
From a technical standpoint, the Ethereum hoarders may have a strong growth case. Past consolidation phases eventually resolved with ETH-USD going vertical. Will the consolidation phase from 2022 to 2025 also end with a huge rally?
The signs seems to say yes. On August 11 by itself, Ethereum ETFs collectively recorded a whopping $1 billion inflow. That was a record inflow for Ethereum ETFs, and it’s highly probably that more records will follow before the year is over.
This, however, doesn’t necessarily mean that ETH-USD will be the “biggest macro trade” for a decade or longer. Contrarian investors might choose to buy Bitcoin when Ethereum is ripping higher and buy Ethereum when Bitcoin is rallying. It’s a similar strategy to playing the gold-to-silver ratio for a mean reversion.
Another strategy is to simply own Bitcoin and Ethereum as forever buy-and-hold investments. Just like with other asset types, it may be better with crypto to get “time in the market” than to try “timing the market.”
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