Bitmine Chair Tom Lee said he believes a crypto bull market began in late June, driven by capital rotating from AI into crypto, stronger industry fundamentals around tokenization and AI, and the end of the four-year cycle. According to ChainCatcher, Lee said ETH's outperformance as a macro asset has continued to widen, and that a strong third-quarter showing in 2026 could point to an even stronger rally in the fourth quarter.

Lee also said institutional investors were underallocated to crypto assets in 2026, partly because AI stocks performed strongly early in the year. He expects institutions to significantly increase their crypto exposure in the final three months of 2026, which could add further upside to gains since June 30.