{"id":13736,"date":"2025-10-17T17:00:14","date_gmt":"2025-10-17T17:00:14","guid":{"rendered":"https:\/\/www.coinspeaker.com\/fr\/?p=13736"},"modified":"2025-10-17T13:56:43","modified_gmt":"2025-10-17T13:56:43","slug":"tom-lee-ethereum-flippening-bitcoin","status":"publish","type":"post","link":"https:\/\/www.coinspeaker.com\/fr\/tom-lee-ethereum-flippening-bitcoin\/","title":{"rendered":"Tom Lee \u201cle Saylor d\u2019Ethereum\u201d voit Ethereum d\u00e9passer Bitcoin \u00e0 long terme"},"content":{"rendered":"<h2>Un pari assum\u00e9 : l&rsquo;\u00ab equity moment \u00bb d&rsquo;Ethereum<\/h2>\n<p>L&rsquo;argument se lit d&rsquo;abord par l&rsquo;effet observable. Le r\u00e9cit sur la tokenisation sort des slides pour gagner la salle des march\u00e9s, les tr\u00e9soreries corporate se structurent, les produits d&rsquo;\u00e9pargne s&rsquo;habituent \u00e0 l&rsquo;ETH comme composant de portefeuille.<\/p>\n<p>La <strong>domination du Bitcoin<\/strong> demeure, pourtant le terrain de jeu d&rsquo;Ethereum s&rsquo;\u00e9largit l\u00e0 o\u00f9 se cr\u00e9ent des flux r\u00e9currents. Tom Lee y voit le pendant contemporain du \u00ab choc Nixon \u00bb : quand l&rsquo;or a cess\u00e9 d&rsquo;\u00eatre l&rsquo;ancre, les actions et les produits d\u00e9riv\u00e9s ont capt\u00e9 l&rsquo;imaginaire\u2026 et les capitaux.<\/p>\n<p>Ici, le moteur serait la bascule de titres, d\u00e9p\u00f4ts et cr\u00e9ances vers des <a href=\"https:\/\/www.coinspeaker.com\/fr\/rwa-nouveaux-etf-lere-numerique\/\">rails programmables<\/a>. Les ordres ne disparaissent pas.<\/p>\n<p>Ils s&rsquo;automatisent, avec des frais, des revenus, des liquidit\u00e9s qui s&rsquo;agr\u00e8gent sur la pile ETH.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"474\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Cathie Wood x Tom Lee <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/t.co\/ib1jOfXhzS\">https:\/\/t.co\/ib1jOfXhzS<\/a><\/p>\n<p>&mdash; Ark Invest Tracker (@ArkkDaily) <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/twitter.com\/ArkkDaily\/status\/1978841312896921849?ref_src=twsrc%5Etfw\">October 16, 2025<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>L&rsquo;\u00e9chafaudage n&rsquo;a rien d&rsquo;abstrait. Stablecoins, RWA, paiements B2B et ex\u00e9cution de march\u00e9 via smart contracts sont autant de cas d&rsquo;usage qui fertilisent la demande.<\/p>\n<p>L&rsquo;ETH devient un actif productif \u00e0 sa mani\u00e8re, entre <a href=\"https:\/\/ethereum.org\/staking\/\" target=\"_blank\" rel=\"noopener\">staking<\/a> et captures de valeur li\u00e9es \u00e0 l&rsquo;activit\u00e9 du r\u00e9seau. Ce n&rsquo;est pas un feu d&rsquo;artifice.<\/p>\n<p>C&rsquo;est une somme de petites \u00e9vidences qui finissent par d\u00e9placer l&rsquo;\u00e9quilibre.<\/p>\n<h2>Ce que dit le march\u00e9 aujourd&rsquo;hui<\/h2>\n<p>Les sceptiques regardent les chiffres et haussent les \u00e9paules. Le BTC capitalise au-dessus de 2 000 milliards quand l&rsquo;ETH reste sous 500 milliards, et l&rsquo;ETH a c\u00e9d\u00e9 plus de 10% sur trente jours r\u00e9cemment.<\/p>\n<p>Pourtant, les moyennes cachent le travail de fond. Le march\u00e9 a dig\u00e9r\u00e9 une vague de liquidations, le funding s&rsquo;est normalis\u00e9, l&rsquo;open interest se reconstruit sans exc\u00e8s.<\/p>\n<p>Pendant ce temps, la part d&rsquo;ETH immobilis\u00e9e par le staking agit comme une ceinture de s\u00e9curit\u00e9 et les flux li\u00e9s \u00e0 la tokenisation croisent ceux de la DeFi qui red\u00e9marre.<\/p>\n<p>On sait o\u00f9 l&rsquo;histoire se joue en pratique. Si les volumes reviennent sur les paires ETH quand la macro fait des siennes, si les frais on-chain se redressent de fa\u00e7on saine hors pics sp\u00e9culatifs, si la profondeur s&rsquo;\u00e9paissit sur les carnets majeurs, le march\u00e9 finit par r\u00e9viser ses niveaux d&rsquo;\u00e9quilibre.<\/p>\n<p>La bascule ne se ferait pas en un jour. Elle s&rsquo;\u00e9crirait en paliers, chaque marche valid\u00e9e par des flux plus stables que les m\u00e8ches.<\/p>\n<h2>Le contre-champ maximaliste<\/h2>\n<p>Le d\u00e9bat ne date pas d&rsquo;hier. Des voix pro-Bitcoin, Samson Mow en t\u00eate, r\u00e9p\u00e8tent que les d\u00e9tenteurs d&rsquo;ETH finiront par \u00ab tourner \u00bb leurs gains vers BTC \u00e0 mesure que l&rsquo;ETH approche ses sommets, et que la <a href=\"https:\/\/www.coinspeaker.com\/fr\/bitcoin-franchit-24-trillions-et-depasse-amazon\/\">dominance de Bitcoin<\/a> reprend toujours ses droits.<\/p>\n<p>En miroir, des figures d&rsquo;Ethereum comme Joseph Lubin d\u00e9clarent l&rsquo;inverse : l&rsquo;ETH pourrait multiplier par 100 \u00e0 l&rsquo;\u00e8re de la tokenisation et d\u00e9passer le BTC comme \u00ab base mon\u00e9taire \u00bb du web financier, \u00e0 horizon qui reste \u00e0 d\u00e9battre.<\/p>\n<p>Entre ces p\u00f4les, Tom Lee campe une <strong>position plus m\u00e9thodique<\/strong> : l&rsquo;avantage se gagnera par la construction d&rsquo;un march\u00e9 de capitaux programmable, pas par une campagne de slogans.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"474\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">I am 100% aligned with almost all of what Tom <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/twitter.com\/fundstrat?ref_src=twsrc%5Etfw\">@fundstrat<\/a> says here.<\/p>\n<p>Yes, Wall Street will stake because they currently pay for their infrastructure and Ethereum will replace much of the many siloed stacks they operate on (e.g. JPMorgam probably operates on several siloed stacks\u2026 <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/t.co\/bW93kkX1gW\">https:\/\/t.co\/bW93kkX1gW<\/a><\/p>\n<p>&mdash; Joseph Lubin (@ethereumJoseph) <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/twitter.com\/ethereumJoseph\/status\/1961806723666293001?ref_src=twsrc%5Etfw\">August 30, 2025<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Ce contre-champ a son utilit\u00e9. Il maintient la discipline.<\/p>\n<p>Pour qu&rsquo;une th\u00e8se \u00ab flippening \u00bb survive au r\u00e9el, il faut de la tenue de march\u00e9, des int\u00e9grations grandes tailles, des recettes on-chain non cycliques. La narration seule ne p\u00e8se pas bien lourd quand les carnets se vident.<\/p>\n<h2>Ce qui ferait basculer la balance<\/h2>\n<p>Trois d\u00e9clencheurs compteraient plus que tout. D&rsquo;abord, la migration \u00e0 grande \u00e9chelle d&rsquo;actifs financiers vers des formats tokenis\u00e9s ancr\u00e9s sur l&rsquo;\u00e9cosyst\u00e8me Ethereum, avec des volumes quotidiens qui ne se contentent pas d&rsquo;une preuve de concept.<\/p>\n<p>Ensuite, la consolidation d&rsquo;un rendement \u00ab de base \u00bb pour l&rsquo;ETH, port\u00e9 par des usages non sp\u00e9culatifs, suffisamment robuste pour attirer des bilans d&rsquo;entreprises et des assureurs sans levier.<\/p>\n<p>Enfin, une <strong>interop\u00e9rabilit\u00e9 ma\u00eetris\u00e9e<\/strong> avec les syst\u00e8mes existants, pour que la liquidit\u00e9 de march\u00e9 n&rsquo;ait pas \u00e0 choisir entre conformit\u00e9 et efficacit\u00e9.<\/p>\n<p>Le chemin n&rsquo;est pas d\u00e9nu\u00e9 de risques. Une r\u00e9glementation mal calibr\u00e9e peut casser l&rsquo;\u00e9lan.<\/p>\n<p>Une congestion prolong\u00e9e ou un incident d&rsquo;infrastructure peut entamer la cr\u00e9dibilit\u00e9.<\/p>\n<p>Malgr\u00e9 tout, si l&#8217;empilement d&rsquo;usages se poursuit et si la demande institutionnelle refuse de se laisser guider par la seule volatilit\u00e9, l&rsquo;hypoth\u00e8se de Tom Lee cesse d&rsquo;\u00eatre un manifeste pour devenir une trajectoire plausible. C&rsquo;est souvent ainsi que les lignes bougent dans la finance : <a href=\"https:\/\/www.coinspeaker.com\/fr\/ethereum-menace-domination-bitcoin-marche\/\">lentement, puis d&rsquo;un coup<\/a>.<\/p>\n<hr \/>\n<p><strong>\u00c0 lire aussi :<\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/www.coinspeaker.com\/fr\/ethereum-depasse-mastercard-485-milliards\/\">Ethereum d\u00e9passe Mastercard avec 485 milliards $<\/a><\/li>\n<li><a href=\"https:\/\/www.coinspeaker.com\/fr\/ethereumtop-top-30-actifs-mondiaux\/\">Ethereum entre dans le top 30 des plus gros actifs mondiaux<\/a><\/li>\n<li><a href=\"https:\/\/www.coinspeaker.com\/fr\/guides\/wallet-ethereum\/\">Wallet Ethereum : S\u00e9curisez vos ETH en 2025<\/a><\/li>\n<\/ul>\n<a class=\"infinscroll_next_page_link\" style=\"display:none\" href=\"https:\/\/www.coinspeaker.com\/fr\/best-wallet-attaques-crypto\/\" rel=\"prev\">next<\/a>","protected":false},"excerpt":{"rendered":"<p>Ethereum pourrait finir par d\u00e9passer Bitcoin en capitalisation, m\u00eame si l&rsquo;\u00e9cart reste colossal aujourd&rsquo;hui. Tom Lee, qui pilote la strat\u00e9gie d&rsquo;accumulation d&rsquo;Ether chez BitMine, avance une analogie qui fait mouche : comme Wall Street a rel\u00e9gu\u00e9 l&rsquo;or au second plan apr\u00e8s 1971, ETH pourrait devancer le BTC \u00e0 mesure que les actifs financiers se num\u00e9risent.<\/p>\n","protected":false},"author":200,"featured_media":13744,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-13736","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actu"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tom Lee \u201cle Saylor d\u2019Ethereum\u201d voit Ethereum d\u00e9passer Bitcoin \u00e0 long terme<\/title>\n<meta name=\"description\" content=\"Pour Tom Lee, Ethereum pourrait d\u00e9passer Bitcoin, \u00e0 l\u2019image des actions US face \u00e0 l\u2019or apr\u00e8s 1971. 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Je souhaite y apporter mon approche analytique et rationnelle, tout en conservant ma curiosit\u00e9. En dehors de l\u2019\u00e9cran, je lis beaucoup (\u00e9conomie, essais, un peu de science-fiction) et je prends plaisir \u00e0 bricoler. Le DIY, pour moi, c\u2019est comme la crypto : comprendre, tester, construire soi-m\u00eame.","url":"https:\/\/www.coinspeaker.com\/fr\/author\/emmanuel\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts\/13736","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/users\/200"}],"replies":[{"embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/comments?post=13736"}],"version-history":[{"count":4,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts\/13736\/revisions"}],"predecessor-version":[{"id":13822,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts\/13736\/revisions\/13822"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/media\/13744"}],"wp:attachment":[{"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/media?parent=13736"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/categories?post=13736"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/tags?post=13736"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}