Tom Lee & Arthur Hayes: How Crypto Flips Wall Street
Tom Lee and Arthur Hayes map how crypto is flipping Wall Street: BTC at fresh highs, ETH’s comeback, and a surge of institutional capital, tokenization, and stablecoin rails.
Tom lays out Bitmine’s big ETH accumulation and bold targets (BTC $200–250k, ETH $10–12k), while Arthur dives into cycles, liquidity, why perps outshine leveraged ETFs, and the looming clash between prediction markets and TradFi. Plus: banks turning into on-chain tech companies and what Tether’s rise signals for the new banking stack.
Please visit https://fundstrat.com/tom for complimentary access to Tom Lee's daily market updates, real-time market alerts, live webinars, and curated stock lists.
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We’re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find additional information about Bit Digital and BTBT on their Investor page at https://bit-digital.com/investors
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TIMESTAMPS
0:00 Intro
0:42 BTC All Time Highs
5:07 ETH Performance & Bitmine
9:32 DATs Market
15:26 4-Year Cycles
25:32 5% Bitmine’s Target
28:00 Tom’s Involvement in Ethereum
32:42 ETH’s Position
38:37 Compute for Finance
40:53 Tether’s $500B Valuation
44:57 USDT Flips BTC?
46:35 Crypto Equities
48:26 Hacks & Exploits
50:39 Financial Entertainment
55:13 Perps
58:38 Price Targets
1:00:45 2026 Wish List
1:03:06 Closing & Disclaimers
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RESOURCES
Tom Lee
https://x.com/fundstrat
Arthur Hayes
X - https://x.com/cryptohayes
IG - https://www.instagram.com/cryptohayes/
LinkedIn - https://www.linkedin.com/in/arthur-hayes-b493b42/
Substack - https://cryptohayes.substack.com/
Bitmine
https://bitminetech.io/
Fundstrat
https://fundstrat.com/tom
Maelstrom
https://maelstrom.fund/
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
The Chopping Block: Arthur Hayes & Tom Lee; Hyperliquid vs Aster, DATs & ETH - Ep. 917
Arthur Hayes & Tom Lee map the new crypto arms race—Hyperliquid vs Aster, Plasma’s stablecoin rails, and ETH’s DAT-fueled supercycle.
Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. Live at Token2049 Singapore, we’re joined by Arthur Hayes (Maelstrom) and Tom Lee (Bitmine) to map two battles shaping the next cycle: the Perp DEX war—Hyperliquid’s moat vs. CZ-linked Aster, zero-fee experiments like Lighter, and whether ~$500M/year token unlocks can stay “bullish”—and the race to own stablecoin rails, from Tether-affiliated Plasma’s zero-fee USDT chain to distribution plays like Tempo and Codex. We dig into DATs, mNAV compression, and Tom’s “ETH supercycle,” plus prediction markets (Polymarket vs. Kalshi) crossing into the mainstream and a surprise Zcash revival. If crypto’s future is being decided in trading venues and in money itself, this is where the battle lines get drawn.
Show highlights🔹 Perp DEX wars — Hyperliquid vs Aster: Binance-linked Aster surges as Hyperliquid’s moat is stress-tested; CEX tie-ups (Bybit–ApeX, Coinbase–Avantis) escalate the fight.
🔹 Arthur Hayes on Hyperliquid: 126x call but sold ahead of ~$500M/yr token unlocks (starting November); “bullish unlocks” depend on sustained dominance + real fees.
🔹 Lighter’s zero-fee perps: Can post-airdrop volume stick, or do profits migrate to HLP/LLP vault strategies as fees compress?
🔹 DATs & ETH “supercycle” — Tom Lee (Bitmine): Communications flywheel, mNAV compression, ~70 ETH DATs with many below NAV; consolidation/unwinds/ETF conversions amid SEC/Nasdaq scrutiny and ZeroG controversy.
🔹 Plasma stablecoin chain (Tether-affiliated): Zero-fee USDT transfers, heavy incentives, Binance Earn distribution—are flows durable vs Ethereum/Tron?
🔹 Prediction markets — Polymarket vs Kalshi: South Park moment; funds cite PMs for shutdown/Fed odds; 2024 election accuracy pushes PMs mainstream.
🔹 Privacy coins & Zcash revival: ZEC rally, Monero 51%-attack mention, and the ongoing listings/compliance tug-of-war.
🔹 Stablecoins to $4T? — Tom Lee: Micropayments + 24/7 rails expand TAM across multiple chains, not just Ethereum.
Hosts
Disclosures
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Tom Schmidt, General Partner at Dragonfly
⭐️Tarun Chitra, Managing Partner at Robot Ventures
Guest
⭐️ Arthur Hayes, CIO at Maelstrom
⭐️Tom Lee, CIO of Fundstrat Capital & Chairman of Bitmine
Timestamps
00:00 Intro
01:15 Token 2049 Reflections
03:55 Tom Lee's Role in Ethereum
08:04 Challenges & Future of DATs
13:09 Plasma: Berachain for Stablecoins
20:06 Perp Dex Wars & Hyperliquid
24:26 Fee Compression
29:59 Kalshi vs. Polymarket
39:52 Zcash & Privacy Coins
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The World’s Largest ETH Holder - Tom Lee on Treasuries, Ethereum Dominance, and Wall Street
In this episode, we talk with Tom Lee, chairman of Bitmine, about the rapid growth of his ETH treasury company and its goal to secure 5% of the total ETH supply.
Tom believes Ethereum could surpass Bitcoin in value, forecasting potential prices between $4,000 and $15,000. We discuss market dynamics, risks of excessive leverage, and his insights on valuing Ethereum and NFTs like Pudgy Penguins.
Tune in for key insights into Ethereum’s future and Wall Street’s role in crypto.
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https://www.bankless.com/podcast/debrief-tom-lee-treasury
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TIMESTAMPS
0:00 Intro
2:57 The Rise of ETH Treasuries
8:27 The 5% ETH Strategy
12:08 The Role of Ethereum in Wall Street
17:57 Accumulating More ETH
26:39 Wall Street's Misunderstanding of Crypto
29:41 Ethereum's 2017 Moment
37:09 The Potential for 100x
45:52 Estimating ETH's Value
50:08 Navigating Market Risks
59:36 Closing Thoughts on Ethereum
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RESOURCES
Tom Lee
https://x.com/fundstrat
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
Is AI Actually Saving The Stock Market? — With Tom Lee
Tom Lee is the chief investment officer at Fundstrat Capital and head of research at FSInsight. He joins Big Technology Podcast to discuss whether generative AI wave is actually holding up the stock market and what would happen if it stalled or fell apart. We discuss what an AI 'Black Swan' event would look like, whether the bubble would pop, and what happens if AI gets too good. Tune in for the second half where we discuss how Lee predicts stock market movements, why the market is holding up well, and whether bitcoin has room to grow.
For complimentary access to Tom's daily insights, market alerts, live webinars, and stock lists, you can visit fundstrat.com/tom
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Questions? Feedback? Write to: bigtechnologypodcast@gmail.com
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Bits + Bips: Will Rate Cuts and Trump's Policies Spark a Bitcoin Supercycle? - Ep. 737
Bitcoin and SOL are flirting with all time highs, Ethereum is lagging behind, and the next six months could define the trajectory of crypto markets.
In this episode of Bits + Bips, James Seyffart, Alex Kruger, and guest David Grider unravel the key stories driving the space: What could a meeting between Trump and Coinbase’s Brian Armstrong mean for crypto policy? Could a new Treasury Secretary pick become the industry’s biggest ally? And is Ethereum’s underperformance hiding a major comeback?
Plus, what crypto categories might be winners in the near future.
Show highlights:
What the potential meeting of Trump with Brian Armstrong shows
Which pick for the Treasury Secretary position would be most positive for crypto
Whether Michael Saylor has been driving the bitcoin market
Whether rate cuts are coming in December and what impact it’s having on the markets
How tariffs are not as bad as people think, but massive deportation is, according to Alex
Why a potential Treasury General Account (TGA) rundown would be bullish for the markets
Whether traders will be taking profits at the $90,000 bitcoin level
How ETH has been underperforming and why David sees a silver lining
How the lack of institutional interest in ETH has changed dramatically since the election
Why David is so optimistic about restaking across different ecosystems
What the outlook for crypto regulation looks like in the near future and what will benefit the industry
Why James believes that we’ll have in-kind creations and redemptions for bitcoin ETFs under new SEC leadership
What the future trajectory of bitcoin’s price is and the role of a strategic bitcoin reserve
How different categories within crypto will perform in the markets
Hosts:
James Seyffart, Research Analyst at Bloomberg Intelligence
Alex Kruger, Founder of Asgard
Guest:
David Grider, Partner at Finality Capital
Links
Trump and politics:
Unchained:
Donald Trump to Meet Coinbase CEO Brian Armstrong: Report
Truth Social in Talks to Acquire Crypto Platform Bakkt
Who Might Trump Pick for S.E.C. Chair? This Is Who Jay Clayton Hopes to See
The Trump-Connected Brad Bondi Is a New SEC Chair Contender and Pro-Crypto
A Degen Administration? Why the Crypto Czar May Be Allowed to Own Tokens
Markets:
Unchained:
Spot Ether ETFs See Record $515 Million Weekly Inflows
Solana dApps See Massive Fees Amid Memecoin Frenzy
Bitcoin ETF options:
Unchained:
Bitcoin Hits New All Time High as IBIT’s First-Day Volume Nears $1.9 Billion
Why Bitcoin ETF Options Could Unlock Massive Amounts of Capital for Crypto
Timestamps:
00:00 Intro
02:31 What a Trump-Brian Armstrong meeting means for crypto
07:36 Who could be crypto’s biggest ally as Treasury Secretary
12:43 Is Michael Saylor driving bitcoin’s rally?
14:46 Whether December rate cuts will shake the markets
19:33 Tariffs vs. deportation: What’s worse for crypto?
26:03 Whether a Treasury General Account rundown would be bullish for markets
30:19 Whether traders will take profits at $90K Bitcoin
35:50 Why ether’s underperformance might hide a comeback
47:15 Whether institutional interest in ETH has turned around
51:49 Why David is bullish on restaking across ecosystems
54:09 What’s next for crypto regulation and industry growth
1:06:55 Whether new SEC leadership would greenlight better bitcoin ETF structures
1:09:10 Whether strategic Bitcoin reserves could drive its price higher
1:17:25 Which crypto categories could lead the next rally
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Macro Expert Tom Lee | What's Next For Markets?
In today’s episode, we tackle the big question: with the massive sell-off earlier this week, is the bull market over? Our guest, Tom Lee, doesn’t think so.
We aim to answer several key questions: Why did markets take a hit on Monday? Is there more pain to come? Is the bull market truly over? What about the possibility of a recession? What are the arguments for both the bear and bull cases?
And finally, Tom's Price Predictions.
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------ ✨ Mint the episode on Zora ✨ https://zora.co/collect/zora:0x0c294913a7596b427add7dcbd6d7bbfc7338d53f/45?referrer=0x077Fe9e96Aa9b20Bd36F1C6290f54F8717C5674E
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TIMESTAMPS
00:00 Intro 04:51 Welcome Tom Lee 09:39 How Bad Was This Really? 13:12 Is It Over? 19:22 What Happens Next? 22:22 Carry Trade Risk 23:52 The Recession Case 28:00 Comparing To The Past 31:35 Why Tom Was Right 36:05 Wall St Temp Check 40:42 BTC And ETH Price Predictions 43:14 Election Impact
------ RESOURCES
Tom on X: https://x.com/fundstrat
------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures
Why Tom Lee Thinks We Could See S&P 15,000 by 2030
The stock market has had a torrid run in 2024 despite the fact that interest rate cuts haven't materialized in the way people had expected at the start of the year. In fact, outside of a few blips here and there (like spring 2020), US stocks have been phenomenal performers for years. Tom Lee, the founder of Fundstrat and FS Insight has been bullish for a long time, having caught the correct side of this lengthy trend. On this episode, we speak to the former JPMorgan strategist about how he thinks about the market, what he sees happening right now in macro and demographic trends, and why he thinks it’s plausible that the market could roughly triple in the next six years.
See omnystudio.com/listener for privacy information.
SotN #39: Is Wall Street Going Bankless? | David Grider of Fundstrat
David Grider is a Digital Asset strategy researcher at Fundstrat, the independent research boutique firm. They advise high net-worth individuals, wealth advisors, and a number of actors throughout traditional finance.
They're on the frontier of educating finance natives and bridging Wall Street to crypto. ------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/ 🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/ ------ GO BANKLESS WITH THESE SPONSOR TOOLS:
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📱 DHARMA - MOBILE ONRAMP DIRECTLY INTO DEFI https://bankless.cc/dharma ------ SotN #39: Is Wall Street Going Bankless? Guest: David Grider of Fundstrat
Is Wall Street going Bankless? What do they know about crypto? We bring on David Grider of Fundstrat to answer these important questions for us. If an asset is legitimate, it will inevitably end up on Wall Street, the heart-center of global finance. David embodies the growing bridge from traditional finance to crypto, and he sees the space as increasingly on the radar of high-level investors. Crypto should be understood as making the internet an emerging market.
For David, the tipping point came as crypto boasted a trillion-dollar market cap. The finance space is not uniform, and some spheres have been more quick to adapt and adopt than others. As crypto becomes more standardized and accepted, it will be easier to continue this trend in accordance with the Lindy effect – the idea that life expectancy decreases over time with things like technology and concepts.
A general willingness to adopt must also be paired with necessary technologies and infrastructure to support custody and investment vehicles, and these things take time. Wall Street is starting to recognize changes in the current monetary regime, and trailblazers like Fundstrat are making this change more real and accessible.
------ Resources:
David's Tweet Thread https://twitter.com/David_Grid/status/1369417235761102855?s=20
Fundstrat https://fundstrat.com/
David on Twitter https://twitter.com/David_Grid?s=20
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Follow Bankless on Twitter https://twitter.com/BanklessHQ ----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures
Fundstrat's Tom Lee on why boomers are buying gold while millennials are trading bitcoin
Bitcoin and gold have both climbed higher in recent weeks, but any correlation between the two is still too slight to take seriously, according to CoinMetrics. Fundstrat managing partner Tom Lee offered a different explanation on this week's episode of The Scoop — that boomers and Millenials are taking sides.
Lee pointed out that it's likely an older generation piling into gold with huge cash positions. For those who missed the market rally, gold likely became a more attractive position as inflation rose.
As boomers load up on gold, members of Generation X and Millenials are buying up tech stocks. As tech stocks become more attractive and cash less so with concerns surrounding the coronavirus pandemic, the perception towards bitcoin is shifting as well, according to Lee.
"Because of coronavirus, I think we're seeing businesses essentially go cashless and therefore digital money is making it easier to understand the value of Bitcoin, which is essentially a settlement network that isn't denominated in dollars," he said.
Research from JPMorgan seems to agree with Lee. An August 4 note from the bank's strategists said millenials seem to prefer tech stocks while older investors are selling shares and buying bonds.
However, this doesn't mean the institutions are likely to jump in any time soon. As Bitcoin's value rises, Lee said that there might be more parallels to gold. On this week's episode, Lee broke down his other takes on current market conditions, including:
Why the negative impact of COVID-19 on markets has waned
How the virus has affected Fundstrat's so-called granny shots list, a list of easy-win stocks
The relationship between traditional markets and bitcoin price volatility
The impact of election cycles on traditional and digital assets and how the winner will effect the market's movements
Why he hates being called a perma-bull
Listen to this week's episode on Apple, Spotify, Google Play, Stitcher or wherever you listen to podcasts.
A Conversation with Tom Lee, Managing Partner & Head of Research at Fundstrat Global Advisors
Tom Lee is one of the great luminaries of crypto and finance Twitter. The former chief equity analyst at JP Morgan made headlines during the bitcoin boom of 2017 with his calls that the cryptocurrency would soar to it's price target of $25,000. Fast forward to today; Lee isn't making anymore price targets on bitcoin but he still makes calls on the market -- leading Fundstrat, a market research shop covering both equities and crypto. On this episode of The Scoop, Lee shared his thoughts on how the research business has evolved over the last 2 decades, why he doesn't think bitcoin is a macro-hedge and the largest roadblocks keeping big investors out of the market. We hope you enjoy the episode.