Tom Lee just dropped his $62k ETH thesis.

Here's the framework:

ETH supply dynamics are shifting hard. Post-merge burn mechanism + staking lockups = structural supply shock brewing. Meanwhile institutional flows into ETH ETFs keep accelerating.

His macro case: If BTC hits $250k-$300k in this cycle (his base case), ETH typically runs 3-4x harder on the ratio during peak euphoria. That math alone gets you to $50k+.

But the real alpha? He's betting on Ethereum's yield narrative flipping the script. As TradFi wakes up to 3-4% staking yields on a deflationary asset, capital rotation from bonds into ETH could dwarf current inflows.

Add in: Layer 2 explosion driving mainnet fee burns, potential spot ETH ETF staking approval, and a memecoin supercycle all settling on Ethereum rails.

$62k isn't the moonboy target anymore. It's the math if everything clicks.

ETH below $4k? That's the entry TradFi wishes they had.