Ethereum Is Down 32% Since Trader Slammed Tom Lee’s Bull Thesis As ‘Financially Illiterate’
Posted On November 20, 2025
Ethereum’s (CRYPTO: ETH) decisive break below the critical $3,000 level has reignited a months-long debate: was the prior bullish thesis driven by real fundamentals—or by a deep misunderstanding of how Ethereum works?
What Happened: Prominent trader Andrew Kang publicly shredded Tom Lee’s bullish ETH thesis, calling it “deeply flawed” and “financially illiterate” in September as ETH was 10% off its all-time high.
Kang argued that Ethereum’s valuation hinges far more on macro liquidity and speculative belief than on structural fundamentals.
He outlined several key weaknesses—including limited stablecoin and RWA adoption, institutional staking dynamics, and valuation misalignment …
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