Ethereum could enter a supercycle comparable to that of Bitcoin, according to Tom Lee

History may well repeat itself, according to Tom Lee, executive chairman of BitMine, a treasury company specializing in Ethereum. He estimates that Ether is currently following a pattern close to the one that propelled bitcoin more than a hundred times as of 2017. Lee clarifies that this is not a prediction, but an analysis of market behavior, the configuration clearly reminiscent of the phase bitcoin was going through at the time.

Lee's take on Ethereum's trajectory

In a post on He points out that bitcoin has suffered six corrections above 50% and three falls exceeding 75% over the last 8.5 years, while still achieving a hundred-fold increase in 2025. According to him, this performance would not have been possible without accepting deep declines, with crypto markets regularly reacting to uncertainties before integrating their long-term prospects.

Lee now claims to see Ether entering a similar supercyclewhile remembering that this progression will not be linear and will require remaining firm in the face of volatility.

Recent Ethereum Performance and Market Outlook

At the start of 2025, Ethereum significantly underperformed bitcoin. The asset peaked at $4,953 in August, while bitcoin continued its rise and surpassed $126,000 in October. Both cryptocurrencies then retreated, with bitcoin losing more than 24% and Ethereum more than 35%, in a broader market move.

Despite this more marked correction, several analysts believe that the current zone offers an opportunity for accumulation. Michaël van de Poppe declared on X that he remains optimistic on Ether after its drop of around 30% against bitcoin. According to him, the current range is interesting for long-term positioning, especially since Ether showed some stability while bitcoin recorded its weakest week of the year. He believes that Ethereum's current valuation may not last.

Positioning of Ethereum and behavior of long-term investors

CryptoQuant contributor Burak Kesmeci provides broader analysis of the positioning of Ethereum and the dynamics of long-term holders:

• Ethereum is trading around $3,150, approximately 8% above the average realized price of accumulation addresses ($2,895), corresponding to the average cost of long-term investors.
• Ether briefly fell below this level during the Trump tariff episode in April 2025, but the number of accumulation addresses still increased from 10 million to more than 27 million, a sign of continued confidence.
• Kesmeci believes that a return to this realized price could provide an excellent accumulation opportunity and considers it unlikely that a move below $2,900 will last long.

Separately, Lee returned to the recent decline, explaining in a November 15 post on He considers this pressure to be temporary and believes that it does not call into question his vision of an Ethereum supercycle driven by increasing institutional adoption of blockchain technology.