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Bitcoin’s deleveraging phase is over, enabling steadier prices and positioning across crypto markets.
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Growing bank adoption of blockchain for settlement boosts system efficiency and supports Bitcoin’s utility.
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Tether exemplifies high-profit, low-overhead blockchain models, highlighting structural advantages over traditional banks.
Tom Lee said Bitcoin’s latest deleveraging phase has ended, clearing the path for higher prices. He made the comments recently during a public discussion on crypto markets and banking efficiency. Lee, a managing partner at Fundstrat, explained how blockchain utility, not speculation, underpins his $250,000 Bitcoin price target for this year.
Deleveraging Ends and Utility
Lee stated that forced selling and leverage unwinds no longer dominate Bitcoin’s price action. According to Lee, market structure now reflects steadier positioning across crypto assets. Notably, he tied this shift to growing acceptance of blockchain technology by traditional banks.
He said banks increasingly recognize blockchain’s strengths in settlement speed and transaction finality. As a result, infrastructure adoption has become a measurable driver rather than a theoretical concept. This transition, he noted, aligns with Bitcoin forming new highs as system-level use expands.
Tether Example and Structural Efficiency
To support his argument, Lee pointed to Tether as a working example of blockchain-native efficiency. He said Tether expects nearly $20 billion in earnings during 2026. That figure would rank the firm among the world’s top five banks by profit.
However, Tether reportedly operates with roughly 300 employees, compared with JPMorgan’s approximately 300,000. Additionally, Lee noted Tether controls less than one percent of the M1 money supply.
Its balance sheet remains relatively small despite high profitability. These figures, he said, illustrate how blockchain-based models reduce operational overhead.
Blockchain Banking Model and Bitcoin Outlook
Lee explained that a bank built natively on blockchain differs structurally from traditional finance institutions. He said blockchain allows direct settlement without layered intermediaries. Consequently, costs decline while efficiency improves.
Lee linked this operational shift back to Bitcoin’s role within the ecosystem. As more financial activity relies on blockchain rails, he said Bitcoin benefits from increased relevance. Therefore, he expects Bitcoin to reach new highs this year as the surrounding system proves functional.
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