In the Ethereum bull narrative of 2025, it is hard to bypass a key figure - Tom Lee, the helmsman of a top global Ethereum asset management company and a well-known investment strategist.

This strategist, who hails from Wall Street and is known for his keen market instincts, has garnered significant attention for his recent remarks. He has repeatedly declared that ETH is severely undervalued, and at an industry summit last December, he went so far as to say that Ethereum at $3,000 "is severely undervalued," even setting a target price of "$15,000 for ETH by the end of 2025." As someone who has been actively engaged in media and institutional roadshows for a long time, his judgments are often regarded by the market as important sentiment references.

From the perspective of holding behavior, it does indeed seem to be betting — the company it belongs to has been continuously increasing its position in Ethereum. The most recent increase was nearly 100,000 ETH, bringing the company's total Ethereum holdings to over 4 million, accounting for more than 3.3% of the global supply. Even when ETH fell below $2,800, the company still invested in increasing its holdings by 30,000 ETH. This series of actions seems to confirm its optimism about the long-term prospects of Ethereum.

But here comes an intriguing twist—according to leaked internal reports, the company's private forecast points in another direction: in the first half of 2026, ETH will dip to the range of $1800 to $2000.

The huge contrast between "publicly bullish and internally bearish" has raised serious doubts in the market regarding the consistency of this discourse system. Investors are beginning to ponder which set of judgments reflects the true thoughts and what hidden meanings lie behind this contradictory expression.