PANews reported on September 24th that Andrew Kang, partner of Mechanism Capital, published an article on the X platform, directly calling the bullish argument of Tom Lee, the leader of the late ETH bull market, "idiotic," calling it the most financially illiterate argument he has seen recently, and refuted it point by point:

Regarding the theory of stablecoin and RWA adoption, Kang believes that the upgrade of the Ethereum network has improved transaction efficiency, and stablecoin and tokenization activities are also flowing to other public chains. The transaction fees generated by the tokenization of low-liquidity assets are negligible; as for the analogy of digital oil, he pointed out that oil is a commodity, and the real oil price has hovered in the same range for a hundred years. Using this analogy to ETH is not a bullish reason; as for the theory of institutional pledged capital, Kang said that large banks have not included ETH in their balance sheets and have not announced relevant plans, and they can be purchased on demand when demand is low; as for the theory that ETH is equivalent to the total value of financial infrastructure companies, he believes that this is a misunderstanding and delusion; in technical analysis, Kang said that Ethereum has been in a multi-year oscillation range, and has recently peaked but has not broken through. The technical side is bearish, and without major changes, it will continue to perform poorly.

Earlier today, BitMine Chairman Tom Lee said that Ethereum is a "truly neutral chain" that will be favored by Wall Street and the White House .