Some of the links on this site may be affiliate links. ICOBench may receive advertising commissions when users visit recommended platforms via our affiliate links, at no additional cost to you. All recommendations are based on a comprehensive review process. 
Tom Lee believes the market may be entering its biggest crypto bull run ever. Lee, chairman of BitMine Immersion Technologies, laid out his thesis at Korea Blockchain Week 2026. He pointed to Bitcoin trading above its 200-day moving average. That condition came before eight of the past nine bull markets over 12 years. He also cited September’s institutional inflows into Bitcoin products.
His company, BitMine, now holds 6,001,302 ETH, worth about $16.06 billion. Those holdings show the scale of one company’s Ethereum bet. They do not prove a historic rally has started.
Trade Securely With 0% Trading Fees on BinanceBREAKING: Tom Lee says the crypto bull market has started and this one could be bigger than previous bull markets. pic.twitter.com/rwgKY3xe1q
— Ash Crypto (@AshCrypto) September 30, 2026
Why Does Tom Lee See the Biggest Crypto Bull Run Yet?
Lee sees two longer-term drivers. The first is tokenization, with firms like BlackRock and JPMorgan Chase bringing assets on-chain, as seen in BlackRock’s tokenized Treasury activity. The second is a generational wealth transfer. Lee estimates Americans in their twenties will inherit about $700 billion in 2026, up from roughly $100 billion in 2019–2020. He argues this could help push crypto’s total value toward $10 trillion.
He also noted Ethereum’s past rallies of 227-fold in 2016 and 50-fold in 2020, both after long sideways stretches. That history gives context, but it does not guarantee a repeat.
You’re Still Early: 10 AI Agent Coins That Could Win Big Next Bull Run
What Does BitMine’s 6 Million ETH Stack Actually Prove?
BitMine bought 17,362 ETH in the week ending September 28, after adding 27,562 ETH the week before. Its goal is to own 5% of Ethereum’s total supply.
As of September 27, the company had staked 5,067,309 ETH, which it says is more than any other entity in the world. Lee also expects institutions that are underweight crypto to add exposure in the fourth quarter.
Still, these figures reflect BitMine’s own strategy, not broad market demand. ETF flows can also reverse quickly, as recent Bitcoin ETF outflows have shown. One month of inflows is a snapshot, not proof that buying will last.
What Must Happen for Lee’s Bull Case to Hold?
Lee’s forecast remains a speculative outlook, not a market fact. For it to gain support, several things need to line up:
- Bitcoin must stay above its 200-day moving average
- Institutional inflows need to continue, not stall
- Tokenization has to move beyond early adoption
- Inheritance money must actually flow into crypto
A large inheritance estimate alone does not mean recipients will buy digital assets. Likewise, Ethereum being the quarter’s best-performing macro asset does not remove the risk of sharp reversals.
BitMine’s purchases show strong conviction in Ethereum. But a record-breaking crypto bull run needs confirmation: steady flows, a resilient trend and real growth in on-chain use. If those catalysts fail to align, BitMine’s holdings alone cannot validate Lee’s call.
Don’t Miss: ICOBench Experts Call the Next 1000x Crypto Coins for 2026
