Key Takeaways
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Tom Lee argues that crypto's response to the Binance theft supports his bullish outlook.
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Bitmine reported another purchase of 8,573 ETH, bringing its holdings to over 6.06 million tokens.
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His earlier $62,000 Ethereum scenario would require roughly 2,656% upside.
Tom Lee says a crypto bull market is underway despite Binance's $6.3 billion security breach, arguing that the market's relatively restrained response points to greater resilience.
His comments accompanied Bitmine's November 2 announcement that it acquired another 8,573 ETH over the preceding week, bringing its treasury to 6,060,506 ETH.
It comes after Lee previously outlined an Ethereum scenario in which it reaches $62,000.
Why Tom Lee Sees Strength After the Binance Hack
In Bitmine's report, Lee described the relatively muted market reaction as "very constructive."
He argued that Binance's financial resources and the absence of cascading DeFi failures helped contain the fallout.
"Limited price downside is a sign that a crypto 'bull market' is underway, notwithstanding recent price declines," Lee wrote.
Lee compared Ethereum's approximately 4% decline following the disclosure of the Binance incident with its sharper decline after the February 2025 Bybit theft.
"While this is a terrible development, in my view, the relatively muted crypto market reaction is very constructive," Lee added
"We believe this is a far more muted market reaction despite the size of the theft being approximately quadruple the size."
Ethereum Buyers Face Continued ETF Withdrawals
However, exchange-traded fund flows offer a more cautious counterpoint to Lee's bullishness.
According to Farside Investors, US spot Ethereum ETFs recorded $139.7 million in net withdrawals on Nov. 2, following $155.7 million in net withdrawals on Oct. 30.
That brings the two-session withdrawal to $295.4 million, while BlackRock's ETHA accounted for $138.3 million of Monday's outflow.
Compared with Bitmine's purchases, this illustrates a divided market, as a major corporate holder continues buying while investors withdraw money across the board.
Tom Lee's $62,000 Ethereum Scenario
Lee's more ambitious valuation framework predates the Binance incident.
As CCN previously reported , his earlier scenarios linked Ethereum's valuation to a substantially higher Bitcoin price and a stronger ETH/BTC ratio, as well as the adoption of Ethereum for tokenized finance.
He revisited the scale of that opportunity in his Oct. 7 chairman's message, discussing whether tokenization and AI applications could support a much larger cycle.
Talking in the presentation, Lee said:
"Bitmine is 90% correlated to the move in ETH. So, if ETH gets to $22,000, that's 300 to 500 for Bitmine shares.
"If ETH gets to $62,000, that's $1,200 to $1,500 per share and Bitmine's currently at 26."
Lee also explained what a $62,000 ETH price might mean for Bitmine shareholders:
"If ETH gets to $62,000, that's $1,200 to $1,500 per share." Bitmine Immersion Technologies
What Would $62,000 ETH Require?
Starting from a price of $2,250, Ethereum would need to rise by around 2,656% to reach the mega level.
At an unchanged supply of 122.2 million ETH, a $62,000 price would imply a market capitalization of around $7.58 trillion.
A valuation of that scale would require a massive growth in ETH demand.
To put it into perspective, that would make Ethereum worth more than Apple, Nvidia, or Microsoft individually.
Using their Nov. 2 market valuations, a $7.58 trillion ETH would be roughly 50% larger than either Apple or Nvidia and almost twice the size of Microsoft.
However, it would still fall well below gold's estimated $27 trillion valuation.
Top Picks for Ethereum
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