Fundstrat Global Advisors co-founder Tom Lee said on Tuesday that Ethereum (CRYPTP: ETH) is positioned for a significant breakout as stablecoins create a transformative “ChatGPT moment” for Wall Street and cryptocurrency convergence.
What Happened: Writing on X, Lee noted that Ethereum has gained 22% in the past month despite being down 9% year-to-date. He cited rising demand from stablecoins and Wall Street’s tokenization of real-world assets as key drivers for the world’s second-largest cryptocurrency.
“ETH rangebound since 2021, but the rise of stablecoins and Wall Street tokenizing real-world assets is driving up demand for ETH,” Lee wrote.
Sean Farrell, Fundstrat’s head of digital assets, reported increased transaction activity on Ethereum, according to data from The Block. The network now handles more than 60% of tokenized real-world assets, with major financial institutions like JPMorgan Chase & Co. (NYSE:JPM) and Robinhood Markets Inc. (NASDAQ:HOOD) building …