Tom Lee: Ethereum Is 'The Biggest Macro Trade' For The Next 10-15 Years

Ethereum ETH/USD could be the most significant macro investment opportunity over the next decade, according to Fundstrat co-founder Tom Lee, who points to the convergence of artificial intelligence, tokenization, and Wall Street's migration to blockchain infrastructure.

What Happened: Lee said on Wednesday that Ethereum's long-term growth case rests on two structural drivers: the creation of a blockchain-based token economy fueled by AI, and the financial sector's shift toward on-chain settlement and asset issuance.

This shift is being accelerated by U.S. policy developments, including the GENIUS Act, which lays a regulatory framework for stablecoins, and the SEC's "Project Crypto" initiative aimed at moving Wall Street processes to blockchain.

Fundstrat has formally added Ethereum to its "Mag 7 & Bitcoin" model portfolio.

Year-to-date, ETH has gained 28%, outperforming Bitcoin's BTC/USD 18% rise, and is currently within 6% of its all-time high.

Also Read: Bitcoin Touches $122,00 As Total Crypto Market Cap Nears $4.2 Trillion

Why It Matters: Sean Farrell, the firm's head of digital asset research, has projected a potential price range of $12,000 to $15,000 by year-end, with $10,000 seen as a conservative target.

The asset remains under-owned in institutional portfolios.

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A Bank of America Fund Manager Survey showed only 9% of managers hold crypto compared to 48% with gold exposure, suggesting significant room for adoption.

For investors seeking exposure, Fundstrat points to both spot ETH ETFs and Ethereum treasury stocks, likened to Strategy's MSTR leveraged position in Bitcoin.

The largest such holders include Bitmine BMNR, with more than 1.15 million ETH, Sharplink Gaming SBET, and Ethermachine.

Lee emphasized that the current crypto and equity market recovery remains "the most hated rally," but sees Bitcoin's recent record high as a leading indicator for U.S. equities.

Fundstrat forecasts the S&P 500 could reach $6,600 by year-end, driven by easing trade tensions, increased liquidity, and supportive monetary policy in 2026.

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