Mechanism Capital founder: Tom Lee is pumping ETH to let whales exit

Andrew Kang, co-founder of crypto trading firm Mechanism Capital, has argued that Tom Lee's recent optimistic forecasts for Ethereum (ETH) have boosted market sentiment, ultimately providing exit liquidity for large holders, including the Ethereum Foundation. Kang compared the situation to the Celsius bankruptcy of 2021-2022 and suggested that Baby Boomer investors, an apparent reference to Lee, tend to promote non-innovative technologies. Lee recently made several bullish statements, including a prediction that ETH could reach between $10,000 and $12,000 by the end of the year and that Ethereum is more promising than Bitcoin, with its market capitalization likely to surpass that of the leading cryptocurrency.