Tom Lee expects the next 12 months to be a "really bullish" period for crypto, arguing that the market may be approaching the bottom of its four-year cycle after a record liquidation event on October 10 last year. More than $19 billion in leveraged positions disappeared in one day after a threat of 100% tariffs on China, and Lee says the borrowed capital was removed from the market. Bitcoin trades near $77,315, about 39% below its record above $126,000, while ether has risen 3.2% in 24 hours to about $2,533. Lee runs research at Fundstrat Global Advisors and chairs BitMine Immersion Technologies, which holds 5.93 million ether and is about $5 billion underwater, according to BeInCrypto. His broader thesis centers on tokenization (putting traditional assets on blockchains), which he says could generate $1.1 trillion in annual income if $100 trillion of assets moved on chain and 1% were retained. He values that potential at $20 trillion as a conventional business, although Theo chief investment officer Iggy Ioppe argues that some projects amount to "tokenization theater." BeInCrypto Research counted $60 billion of tokenized assets on chain as of May 31, with 56% recording no weekly transfers. Washington is due to vote Tuesday on whether to debate the CLARITY Act, which would give the CFTC (U.S. derivatives regulator) control of spot crypto markets. Lee said the agency already operates in that manner. Fundstrat has recommended a 2% crypto allocation for more than a decade, and Lee said client portfolios that followed the advice now hold more than 85% crypto.