Rally scenario in the markets discussed by Lee with Ethereum purchases

According to Tom Lee, co-founder of Fundstrat and also chairman of the board of BitMine, which has attracted attention with ETH purchases, the expected movement in the markets could begin next week. Appearing on CNBC, Lee stated that the S&P 500 could rise to the 6,560–6,600 level this month, and that this "upward breakout" movement could be seen next week.

Lee pointed out that historically, August is a weak period, stating, "For this very reason, we could see a strong rally. The economy is more robust than many think, Bitcoin broke upward on July 9 and has led the S&P by a month over the last 5 years. This indicates that a similar movement is approaching."

Reminding that the S&P 500 has risen by 28% since the lows in April, Lee stated that the markets are currently in a consolidation phase and have entered a "wait-and-see" mode until the Fed's interest rate decision in September. He emphasized that the pullbacks have been shallow.

Lee, stating that investors are still cautious, mentioned that this is positive for stocks.

"Many investors who sold their best stocks during the April decline have not yet repositioned themselves. This indicates that there is still room for an upward trend."

One of the other topics discussed in the program was that the top 10 stocks in the S&P 500 account for 40% of the index and that Nvidia has reached the position of having the highest weight since 1981. Lee evaluated this situation by saying, "Considering the profit contribution, it’s not surprising that Nvidia is the largest stock."

On the valuation side, Lee noted that the market has gone through many stress tests over the last 5 years and that despite this, S&P 500 company profits have increased, stating, "During the index revaluation process, multiples may rise even further."

Lee stated that they do not see a significant decrease in consumer spending and that the levels of indebtedness are below those before the pandemic. He pointed out that cash exiting the money market could flow into the stock market with the expected interest rate cuts starting in September.

Lee stated that the potential rally may not be limited to just technology stocks and could also spread to sectors like industrials and finance. Reminding that the equal-weighted S&P 500 is cheaper compared to pre-pandemic levels, he said, "This situation could pave the way for a broad-based rise."

Drawing attention with ETH purchases

The BitMine company, chaired by Tom Lee and listed on the New York Stock Exchange, is buying ETH following a similar path to what Michael Saylor did with Bitcoin in Strategy. The company has purchased over 833,000 ETH in the last month and has risen to the position of the company with the most ETH on its balance sheet in the world.

Published: August 9, 2025 13:26