Risks in the DAT Ecosystem

Arthur warns of riskier corporate financing structures for smaller DATs and potential failures at cycle end.

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Episode notes

Tom Lee and Arthur Hayes map how crypto is flipping Wall Street: BTC at fresh highs, ETH’s comeback, and a surge of institutional capital, tokenization, and stablecoin rails.

Tom lays out Bitmine’s big ETH accumulation and bold targets (BTC $200–250k, ETH $10–12k), while Arthur dives into cycles, liquidity, why perps outshine leveraged ETFs, and the looming clash between prediction markets and TradFi. Plus: banks turning into on-chain tech companies and what Tether’s rise signals for the new banking stack.

Please visit https://fundstrat.com/tom for complimentary access to Tom Lee's daily market updates, real-time market alerts, live webinars, and curated stock lists.

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TIMESTAMPS

0:00 Intro

0:42 BTC All Time Highs

5:07 ETH Performance & Bitmine

9:32 DATs Market

15:26 4-Year Cycles

25:32 5% Bitmine’s Target

28:00 Tom’s Involvement in Ethereum

32:42 ETH’s Position

38:37 Compute for Finance

40:53 Tether’s $500B Valuation