Last week, Tom Lee along with the Bitmine fund continued to spend $42 million to acquire an additional 27,801 ETH. He currently holds nearly 5.8 million ETH (accounting for 4.8% of total supply) with an average cost basis of $3,374.

The impetus behind this aggressive accumulation is the surge of Robinhood Chain, demonstrating Ethereum’s high real-world utility. Ongoing inflows into the ecosystem and the consumption of ETH, which drive transaction fees, indicate that users have treated it as a required operating currency rather than purely a speculative asset.