温馨提示：本站仅提供公开网络链接索引服务，不存储、不篡改任何第三方内容，所有内容版权归原作者所有
AI智能索引来源：http://www.bee.com/zh/57616.html
点击访问原文链接

ETH “Big Short” Openly Provokes War: Tom Lee’s Bullish Logic Is Wrong, Like a Mentally Idiot | Bee Network

进入原网站 导航首页
ETH “Big Short” Openly Provokes War: Tom Lee’s Bullish Logic Is Wrong, Like a Mentally Idiot | Bee Network Login 熱門新聞 Meme Launchpad AI 代理商 DeSci 熱門鏈瀏覽器 新人必讀 衝百倍幣 蜜蜂遊戲 必備網站 必備APP 必關大神 DePIN 新人必備 教我避坑 基本工具 深度網站 交易所 NFT 工具 你好， 登出 Web3宇宙 遊戲 DApp 蜂巢 增長平台 生態 搜尋 英語 Coins儲值 登入 下載 Web3大學 遊戲 DApp 蜂巢 生態 家•分析•ETH “Big Short” Openly Provokes War: Tom Lee’s Bullish Logic Is Wrong, Like a Mentally Idiot ETH “Big Short” Openly Provokes War: Tom Lee’s Bullish Logic Is Wrong, Like a Mentally Idiot分析5 個月前更新懷亞特 20,076 6 Odaily星球日報編譯（ @Odaily中國 ); Translated by Azuma ( @azuma_eth )

Editor’s Note: Since becoming Chairman of BitMine and driving the DAT’s continued purchase of ETH, Tom Lee has become the industry’s leading ETH bull. In recent public appearances, Tom Lee has repeatedly emphasized ETH’s growth prospects, even stating that ETH’s fair value should be $60,000.

However, not everyone agrees with Tom Lee’s logic. Mechanism Capital partner Andrew Kang published a long article last night, publicly refuting Tom Lee’s views and bluntly mocking the latter as “a retard.”

One more thing to add is that Andrew Kang predicted that ETH would fall below $1,000 when the market overall corrected in April this year. He also expressed a bearish view during the subsequent rise of ETH… Positions determine the mind, so his position may be at two extremes from Tom Lee. It is recommended that everyone look at it dialectically.

The following is the original text by Andrew Kang, translated by Odaily Planet Daily.

Among the financial analyst articles I have read recently, Tom Lee’s ETH theory is one of the dumbest. Let’s analyze his points one by one. Tom Lee’s theory is mainly based on the following points.

Stablecoins and RWA (real-world asset) adoption; the “digital oil” analogy; Institutions will purchase and stake ETH, both to provide security for the network where their assets are tokenized and as operating capital; ETH will be equal to the total value of all financial infrastructure companies; Technical analysis; 1. Stablecoins and RWA Adoption Tom Lee’s argument that increased stablecoin and asset tokenization activity will drive up transaction volume, thereby increasing ETH’s fee income, seems reasonable on the surface, but a few minutes of data review reveals otherwise.

Since 2020, the value of tokenized assets and stablecoin trading volume have increased 100-1000x . However, Tom Lee’s argument fundamentally misunderstands Ethereum’s value accumulation mechanism – he misleads people into thinking that network fees will increase year-on-year, when in fact Ethereum’s fee revenue remains at 2020 levels.

The reasons for this result are as follows:

The Ethereum network will improve transaction efficiency through upgrades; Stablecoin and asset tokenization activities will flow to other public chains; The fees for tokenizing illiquid assets are negligible — the tokenized value is not directly proportional to ETH revenue. For example, one could tokenize a $100 million bond, but if it were traded every two years, how much would that generate in ETH fees? Perhaps only $0.10. Even a single USDT transaction generates far more in fees than that. You can tokenize trillions of dollars worth of assets, but if those assets aren’t traded frequently, it might only add $100,000 in value to ETH.

Will blockchain transaction volume and fees increase? Yes.

然而， the majority of these fees will be captured by other blockchains with stronger business development teams. Other projects have already seen the opportunity to migrate traditional financial transactions to blockchain and are actively pursuing this market. Solana, Arbitrum, and Tempo have all achieved some early successes, and even Tether is supporting two new stablecoin chains (Plasma and Stable) in the hope of shifting USDT’s trading volume to their own chains.

2. The “Digital Oil” Analogy Oil is essentially a commodity. The real price of oil, adjusted for inflation, has remained in the same range for a century, with occasional fluctuations and reversions.

I partially agree with Tom Lee’s point that ETH can be considered a commodity, but this does not mean it is bullish. I am not sure what Tom Lee is trying to say here.

3. Institutions will purchase and stake ETH, both to provide security for the network and as operating capital. Have major banks and other financial institutions already added ETH to their balance sheets? No.

Have they announced plans to buy ETH? No.

Do banks have to stockpile gasoline barrels because they have to keep paying energy bills? No, the costs are not significant enough and they only pay when they need to.

Do banks buy shares in the custodians they use for their assets? No.

4. ETH will be equal to the total value of all financial infrastructure companies

I’m speechless. This is another fundamental misunderstanding of value accumulation. It’s pure fantasy, and I don’t even want to criticize it.

5. Technical Analysis I personally am a huge fan of technical analysis and believe that it can provide valuable information when viewed objectively. Unfortunately, Tom Lee seems to be using it as a pretext to support his biases.

An objective examination of this chart reveals that ETH is currently stuck in a multi-year range-bound trading pattern—much like the wide range-bound trading pattern experienced by crude oil prices over the past three decades. This range-bound trading pattern has only recently reached the top of the range but has failed to break through resistance. Technically, this suggests a bearish trend for ETH, and the possibility of a prolonged range-bound trading between $1,000 and $4,800 cannot be ruled out.

Just because an asset has experienced a parabolic rally in the past does not mean that the trend will continue in德菲晚上。

The long-term ETH/BTC chart has also been misinterpreted. While it has indeed been in a multi-year range, it has been constrained by a downward trend over the past three years, with recent rebounds merely touching long-term support levels . This downward trend stems from the saturation of Ethereum’s narrative and the inability of fundamentals to support valuation growth. These fundamentals have not materially changed to date.

Ethereum’s valuation is fundamentally a product of a lack of financial understanding. While this cognitive bias can certainly support a significant market capitalization (see XRP), its support is not unlimited. Macro liquidity has temporarily maintained ETH’s market capitalization, but unless significant structural change occurs, it is likely to continue to underperform.

本文源自網路： ETH “Big Short” Openly Provokes War: Tom Lee’s Bullish Logic Is Wrong, Like a Mentally IdiotRecommended Articles

Related: Is data infrastructure ready for the era of encrypted super apps?Recommended Articles TL;DR Data Challenges: The competition for block time on high-performance public chains has entered the sub-second era. High concurrency, high traffic volatility, and multi-chain heterogeneity requirements on the consumer side have increased data complexity, necessitating a shift in data infrastructure toward real-time incremental processing and dynamic scalability. Traditional batch ETL processes have latency ranging from minutes to hours, making them inadequate for real-time transactions. Emerging solutions such as The Graph, Nansen, and Pangea are introducing streaming computing to reduce latency to real-time tracking levels. The paradigm shift in data competition: The previous cycle focused on “understanding”; this cycle emphasizes “profitability.” Under the Bonding Curve model, a one-minute delay can cost several times as much. Tool iteration: From manual slippage settings to sniping bots to the GMGN integrated terminal. As blockchain-based…

#分析# 脫機#以太坊#市場#代幣© 版權聲明文章版权归作者所有，未经允许请勿转载。 上一篇 The boom, the fall, and the exodus: The disillusionment of Web3 among classic VCs 下一篇 Aster's second season is already smoking, why not interact with StandX who has a background in Binance OG? 相關文章 ALT tokens returned to zero in four hours, Crypto Beasts multi-million dollar harvest 6086cf14eb90bc67ca4fc62b 24,745 6 CoinW Research Institute Popular Science | Understanding the X402 Protocol in 3 Minutes: The True Starting Point of AI-Powered Autonomous Payments 6086cf14eb90bc67ca4fc62b 17,575 公鏈估價新思考：L1溢價存疑，ETH主權受質疑 6086cf14eb90bc67ca4fc62b 33,487 4 Market Focus at the Start of 2026: Analysis of the January Macro Calendar and Core Drivers 6086cf14eb90bc67ca4fc62b 12,261 1 Tokenized stocks: a revolution in financial efficiency in new bottles 6086cf14eb90bc67ca4fc62b 28,233 2 The average stock price soared by 438%, and the MicroStrategy Effect swept the US stock market 6086cf14eb90bc67ca4fc62b 28,911 2 暫無評論 您必須先登入才能發表評論！ 立即登入 暫無評論... 最新的文章 Did Jane Street “Manipulate” BTC? Decoding the AP System, Understanding the Power Struggle Behind ETF Creation and Redemption Pricing 16 小時前 538 Stop Comparing Bitcoin to Gold—It’s Now a High-Volatility Software Stock 16 小時前 641 Matrixport Research: $25 Billion Gamma Unwinding Imminent, Liquidity Yet to Return Behind the Rebound 16 小時前 590 ERC-5564: Ethereum’s Stealth Era Has Arrived, Receiving Addresses No Longer ‘Exposed’ 16 小時前 520 Hong Kong Regulatory Green Light: Asseto Enables DL Holdings to Achieve Compliance for Two RWA Business Implementations 16 小時前 567 熱門網站TempoLighterGAIB滑翔機普朗克雷爾斯BCPokerVooi Bee.com 全球最大的 Web3 入口網站 合作夥伴 CoinCarp Binance CoinMarketCap CoinGecko 幣活 盔甲 下載Bee Network APP開啟您的Web3之旅 白皮書 角色 常問問題 © 2021-2026.版權所有。. 隱私政策 | 服務條款 下載蜜蜂網路APP 並開始 web3 之旅 全球最大的Web3入口網站 合作夥伴 CoinCarp Binance CoinMarketCap CoinGecko Coinlive Armors 白皮書 角色 常問問題 © 2021-2026.版權所有。. 隱私政策 | 服務條款 搜尋 搜尋站內鏈上社群媒體新聞 熱門推薦： 擼毛打金 數據分析 必關大神 教我避坑 繁體中文 English 简体中文 日本語 Tiếng Việt العربية 한국어 Bahasa Indonesia हिन्दी اردو Русский 繁體中文

智能索引记录