Fundstrat Head of Research Tom Lee said on-chain activity is growing fast, even as crypto prices stay flat. In a conversation at the Ondo Summit in New York, Lee shared data that challenges the idea that crypto is in a bear market.
According to Lee, Ethereum active addresses have jumped roughly 115% since June, even though ETH is trading at the same price level. Daily transactions are up 77%, total value locked in real-world assets has grown around 50%, and $23 billion has flowed in over the past 30 days.
“This is the opposite of what I would consider to be a crypto winter,” Lee said.
Central bank easing, a weaker dollar, and global uncertainty should be working in crypto’s favor. But retail traders are placing their macro bets elsewhere.
Lee noted that the two most talked-about tickers on Wall Street Bets right now are silver and gold. Without price momentum, crypto’s typical rally cycle has not kicked in.
The feedback loop that drives prices higher needs upward movement to start, and that has been missing.
Lee also addressed quantum computing, a risk that is shaping institutional decisions. He pointed out that a Galaxy Digital client recently reduced a $9 billion position partly over quantum concerns.
He said Ethereum is better equipped to handle this because its 6-month upgrade cycle allows it to build quantum resistance over time. Bitcoin’s governance structure makes it harder to adapt quickly.
Lee added that once Bitcoin lays out a clear plan for quantum resistance, much of the institutional hesitation should ease.
Lee described the current market as a transition phase. Crypto is moving away from its early era of leverage and FOMO toward a future built on stablecoins, AI agents, and institutional infrastructure.
“If that view is not correct, then there’s still a lot of upside in crypto,” he said.
On-chain data shows rising Ethereum addresses, transactions, and capital inflows, suggesting growth under the surface despite flat prices.
Retail traders are focusing on gold and silver, and without price momentum, crypto’s typical feedback loop hasn’t started.
Clear quantum safeguards, renewed price momentum, and growth in stablecoins and AI-linked use cases could attract institutional capital.
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