According to the source, Tom Lee of BitMine said Ethereum remains Wall Street’s blockchain and warned the digital asset treasury sector may already be in a bubble. According to the source, this characterization supports a trading stance that institutional allocation cycles may favor ETH over alternative L1s, aiding relative strength in ETH/BTC. According to the source, the bubble warning signals elevated downside and volatility risks for assets tied to on-chain treasury growth narratives if sentiment turns, warranting tighter risk controls. According to the source, traders may prioritize high-liquidity ETH pairs and avoid chasing overheated treasury-themed assets until demand is confirmed.