Ethereum surges 30% as Tom Lee predicts $10K

Ethereum surged nearly 30% in a week, outpacing Bitcoin. Tom Lee predicts $10,000 ETH within two years as BitMine boosts holdings and institutional interest grows.

Ethereum has seen a notable rally, climbing approximately 29–30% over the past week and outperforming Bitcoin’s 21% gain. Tom Lee has highlighted a long-anticipated rotation toward Ethereum, a trend he believes has been developing for nearly a decade. Lee forecasts that Ethereum could reach $10,000 within one to two years if it continues to expand its role as a financial settlement layer. He also considers Ethereum undervalued compared to Bitcoin, citing historical valuation trends and the growing importance of tokenization, stablecoins, and AI applications. BitMine Immersion Technologies, chaired by Lee, has increased its ETH holdings to over 5.8 million, representing about 4.8% of the circulating supply. U.S. spot Ethereum ETFs attracted $365 million in July, surpassing Bitcoin funds. The recent rally was fueled by falling Treasury yields, renewed optimism in U.S. crypto markets, and a wave of short liquidations. Corporate strategies diverged, with some firms raising cash during Bitcoin’s rally while BitMine increased its ETH accumulation.