Ethereum has been trading sideways for 7 months, but Tom Lee is calling the bulls alone! Is the “crypto super cycle” an illusion or is it brewing?

Original author：AI说区块链

Original source：https://www.youtube.com/embed/cZCy9TLHy8E

The crypto market has been sideways for seven months, shrouded in extreme fear, but on-chain data shows whales continue to accumulate funds at the bottom. The Federal Reserve's interest rate hike is expected to be postponed to 2027, and macro pressure remains unabated. However, RWA tokenization exceeded US$34 billion, AI Agent completed more than 176 million on-chain transactions, and both Wall Street and regulation turned positive. Tom Lee is firmly bullish. Ethereum's technical upgrade and pledge lock-up provide structural support. Whether the super cycle can be realized depends on the realization of real demand. 👉【Content Outline】✅ The truth about the market that has been trading sideways for seven months✅ Why is Tom Lee calling the bulls alone at this time✅ Wall Street tokenization and AI Agent revolution✅ The battle between macro headwinds and regulatory warm winds✅ Ethereum’s evolutionary cryptography and on-chain data✅ Super cycles are still structurally mature【Previous highlights videos】 https://youtu.be/aM6inrxsizk https://youtu.be/NZrKQnpMDzs https://youtu.be/w1331w_hSDQ https://youtu.be/2kUPfgqN2PA https://youtu.be/im2aQlBE4cQ https://youtu.be/UtR3W0oJAHw https://youtu.be/jQoKn6XeKmE [Main content of this video] In May 2026, the cryptocurrency market has been oscillating sideways for seven months. Bitcoin has repeatedly fluctuated between $74,000 and $82,000. The panic and greed index has been in the extreme fear range for 46 consecutive days. Retail investors have left the market on a large scale, and on-chain activity has dropped to freezing point. However, in stark contrast to the pessimistic sentiment, a series of structural signals are quietly accumulating: Bitcoin reserves on exchanges have dropped to the lowest since 2017, long-term holders account for 78.3% of their positions, MVRV Z value has dropped to the historic accumulation range of only 0.91, and whale accounts have accumulated a net increase of 47,000 Bitcoins in the past two weeks. While retail investors are fearful and leaving the market, giant whales are collecting funds at the bottom at the strongest scale in recent years. The pressure at the macro level remains unabated. New Federal Reserve Chairman Kevin Warsh faced the challenge of inflation with PPI soaring 6% year-on-year when he took office. Market expectations have directly switched from an interest rate cut during the year to the possibility of an interest rate increase. The first interest rate cut may be postponed to September 2027. The yield on the 30-year U.S. Treasury bond exceeded 5%, hitting a new high since 2007. The cost of funds for traditional risk assets continues to rise. However, a long-awaited warm wind has blown at the regulatory level: on May 14, the U.S. Senate Banking Committee passed the "Digital Asset Market Clarity Act" to promote a clear division of digital asset regulatory powers; the SEC and CFTC have clearly classified Bitcoin and Ethereum as digital commodities. More profound structural trends—the tokenization of assets (RWA) driven by Wall Street and the explosion of the AI ​​Agent economy—are accelerating amid regulatory headwinds and a macro cold wave. As of May 2026, the RWA tokenization market has exceeded US$34 billion, with an annual growth of more than 100%; AI Agent has completed more than 176 million on-chain transactions within a year, and a micro-economy of autonomous payments between machines is quietly taking shape. Ethereum’s underlying technology is also evolving at an accelerated pace. The Glamsterdam upgrade will increase L1 performance by nearly 10 times, and parallel execution is about to be implemented; the ETH pledge rate has exceeded a historical high of 32%, locking in a large amount of long-term supply. Tom Lee, chairman of Bitmine, issued a statement on May 27, firmly optimistic that "the encryption market and Ethereum will usher in a super cycle." The driving force comes from the tokenization of Wall Street and the rapid development of AI Agents. He also said that Ethereum's sharp correction has provided an attractive buying opportunity. The market is at the contradictory intersection of macro headwinds and structural tailwinds. Whether the conclusion of the super cycle is correct will depend on whether the application of RWA and AI Agent can be implemented to generate real large-scale demand, and whether the macro liquidity cold wave can be substantially alleviated in the second half of 2026. [Note⚠️, cryptocurrency is a high-risk investment, and you may lose all your principal. If you don’t understand it, it is recommended not to participate. This video does not have any investment advice, it is only for information sharing] Become a member of this channel to enjoy the following benefits: https://www.youtube.com/channel/UCV1mqrHkQoDaK6dWed5g8KQ/join