Tom Lee, executive chairman of BitMine Immersion Technologies and head of research at Fundstrat Global Advisors, says ether may be entering a long-duration growth phase similar to the powerful “supercycle” that propelled bitcoin to a 100x rally after his 2017 recommendation. In a recent post on X, Lee argued that ETH appears to be following a comparable structural pattern.
To frame his point, Lee pointed to bitcoin’s history of extreme volatility, noting that it has suffered six drawdowns of more than 50% and three plunges exceeding 75% over the last eight and a half years. According to him, such dramatic corrections are characteristic of an asset whose market is trying to price in transformative long-term potential — and investors who stayed the course during those “existential moments” were ultimately rewarded.
Not everyone agreed. A well-known bitcoin advocate, “The Bitcoin Therapist,” questioned Ethereum’s competitive advantage and core utility, arguing that many alternative networks offer similar capabilities. He also expressed doubts that traditional financial institutions would rely on Ethereum’s infrastructure for continuous trading, stating bluntly, “I would never want my assets on the ethereum blockchain.”
Lee did not specify any price targets or a timeline for his thesis, but he stressed that ether’s ascent will not be linear, warning that volatility is an unavoidable part of the cycle.
Whether ETH can validate the supercycle narrative will depend on continued expansion in Ethereum’s on-chain activity, acceleration across Layer-2 ecosystems, and deeper institutional adoption — factors that will determine if Lee’s long-term outlook ultimately holds.
