Nobody’s pretending this market feels good. ETH is down, BTC is down, portfolios are hurting, and liquidations have been brutal. Even big players are bleeding—Tom Lee admitted his Ethereum-heavy firm is down billions on paper. So yes, the pain is real.
But here’s the part that actually matters: Ethereum’s fundamentals aren’t breaking. While price is getting hit, network usage is rising—active addresses are up, transactions are increasing, and TVL on Ethereum apps is growing, not shrinking. In past crashes, usage died with price. This time, it hasn’t. That divergence is rare and historically meaningful.
Tom Lee’s view is simple: price and fundamentals are out of sync, and that gap usually resolves in favor of fundamentals. Add in rising stablecoin use, real-world asset tokenization, and clearer regulation, and ETH looks more like infrastructure than pure speculation.
Yes, optics were awkward with Vitalik selling ~$5M in ETH—but he’s done this for years to fund development and donations. Not new, not necessarily bearish.
Bottom line: brutal short term, stronger network underneath. Whether fundamentals outweigh price action depends on your time horizon—but this isn’t blind hopium, it’s data-driven patience.
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