At Binance Blockchain Week 2025, held on December 3–4 in Dubai, Tom Lee-Co-founder of Fundstrat and Chairman of BitMine-delivered a keynote titled "The Crypto Supercycle Intact." In his speech, he systematically outlined his long-term bullish thesis on the crypto market. His core arguments included: why tokenization is the defining theme of 2025; why he believes Bitcoin and Ethereum have already bottomed; how the traditional four-year cycle is being disrupted; why Ethereum is positioned as foundational infrastructure for the future global financial system; and why Digital Asset Treasury (DAT) companies will play a critical role in the next phase of crypto financialization.

Tom Lee argues that Bitcoin's cyclical logic is being reshaped by industrial and inflation cycles, rather than the familiar four-year halving pattern. On tokenization, he emphasizes that the true transformation goes far beyond simple "digitization of assets." In his view, the future of finance involves deep financial decomposition and reconstruction, where stocks, cash-flow streams, product lines, and even the implied economic value of a CEO can be fragmented, priced, and tokenized-enhancing transparency, predictive power, and hedging efficiency across capital markets. He also describes how BitMine, as a representative DAT, aims to serve as a bridge between Wall Street and the crypto ecosystem.

Timeline:

00:00 Context of the speech: Tom Lee's professional roles and why he addresses crypto amid a market pullback

01:36 Five themes overview: tokenization, market cycles, Ethereum, institutional opportunity, and digital asset treasury companies

02:53 Reviewing a decade of asset performance: why crypto remains the strongest asset class

03:55 Major positive developments in 2025: policy support and institutional adoption

05:39 Tokenization becomes the core narrative of 2025: Ethereum's "ChatGPT moment"

06:36 Long-term growth potential: adoption remains extremely low

07:46 Assessing the market bottom: mispricing, deleveraging, and structural changes

08:26 Discussion of Bitcoin's drawdown: is the four-year cycle still valid?

09:36 Fundstrat model adjustments: incorporating Tom DeMark's timing indicators

11:22 Dissecting the Bitcoin four-year cycle: why it may be breaking down

13:40 Price implications: if the cycle breaks, Bitcoin could set new highs in January

14:10 Why Ethereum is the future financial infrastructure

15:41 Continued Ethereum upgrades: reinforcing its ecosystem position

16:27 ETH/BTC valuation breakout: structural repricing ahead

17:39 The true value of tokenization: from digitization to financial decomposition

19:56 Prediction markets + tokenization: a new architecture for capital markets

21:18 Strategic role of DATs in bridging TradFi and DeFi