BitMine Chairman Tom Lee said crypto-related stocks led the third quarter and viewed that outperformance as a signal that a bull market is beginning. According to ChainCatcher, he said this cycle differs from earlier ones driven by ICOs, NFTs, meme coins, and stablecoins because it also includes tokenization, AI, and a more favorable regulatory environment, which could broaden the pool of capital involved.

Lee said the market may be approaching a clearer breakout after years of consolidation, with upside potential that could exceed previous cycles. He also said he remains bullish on Ethereum as Wall Street tokenization gains traction and believes ETH has a chance to test its previous high this year.