Ether May Be Beginning Bitcoin’s 2017-Style Growth Cycle, Says BitMine’s Tom Lee
Ether could also be getting into the early levels of the kind of explosive progress cycle that propelled Bitcoin to a 100x rally since 2017, in keeping with Tom Lee, govt chair of Ether-focused treasury agency BitMine.
Key Takeaways:
- Tom Lee says Ether could also be getting into a “Supercycle” much like Bitcoin’s 100x rally that started in 2017.
- ETH is approaching the typical value foundation of long-term holders, a degree traditionally linked to robust accumulation.
- Long-term wallets now maintain 27 million ETH, signaling rising conviction regardless of the current market pullback.
In an X post on Sunday, Lee stated the present Ether market resembles Bitcoin’s setup eight years in the past, a interval marked by deep volatility that finally preceded one of many strongest bull cycles in crypto historical past.
Tom Lee: Bitcoin’s 100x Run Began With a $1,000 Call in 2017
Lee famous that his agency first really helpful Bitcoin to Fundstrat shoppers in 2017 when BTC traded close to $1,000.
Since then, Bitcoin suffered a number of drawdowns of as much as 75%, but nonetheless surged greater than 100-fold from that preliminary name.
“We imagine ETH is embarking on that very same Supercycle,” he wrote, arguing that Ether’s current weak point displays doubt, not deterioration.
“To have gained from that 100x Supercycle, one needed to abdomen existential moments to HODL.”
ETH has trailed Bitcoin for a lot of 2025, even because the market reached new report highs. Ether notched its all-time high of $4,946 in August, whereas Bitcoin topped out above $126,000 in October.
Both property have since pulled again sharply, with BTC down 25% from its peak and ETH sliding greater than 35%. Lee framed the retreat as a part of the “discounting of a large future.”
On-chain information suggests Ether could also be nearing a crucial degree for long-term holders.
CryptoQuant analyst Burak Kesmeci said ETH’s current price, round $3,150, sits simply $200 above the typical value foundation of long-term accumulators, whom he described as traders who’ve been “patiently stacking.”
Ether has solely fallen beneath this degree as soon as this 12 months, throughout April’s market shock triggered by President Donald Trump’s world tariff rollout.
According to Kesmeci, long-term conviction in Ether is stronger than ever. Roughly 17 million ETH has moved into accumulation addresses in 2025, pushing the whole stability held by long-term wallets to 27 million ETH, up from 10 million initially of the 12 months.
If ETH slips to the $2,900 degree, he stated, historical past suggests it will signify “one of many strongest long-term accumulation alternatives.”
Ether briefly touched a 24-hour low of $3,023 however has since steadied, buying and selling flat round $3,185.
Ethereum Whales Accumulate 7.6M ETH as Market Enters Compression Phase
As repored, Ethereum whales have significantly increased their exposure as ETH hovers close to $3,000, a development analysts say has traditionally preceded main market reversals.
CryptoQuant information reveals wallets holding between 10,000 and 100,000 ETH have accrued 7.6 million ETH since April, a 52% leap, whereas smaller holders proceed to trim their balances.
The divergence suggests institutional-sized gamers are positioning for a possible rebound, at the same time as retail stays cautious.
Analysts additionally level to repeated spikes in Ethereum’s spot buying and selling quantity since early November, a sample generally seen in late-stage compression phases earlier than giant worth strikes.
Meanwhile, Ethereum community charges have plunged to some of their lowest levels in years, with gasoline costs dropping to 0.067 Gwei final week as onchain exercise slowed following October’s market-wide crash.
During the 2021 bull run, transaction prices on Ethereum’s base layer incessantly exceeded $100–$150, driving customers towards cheaper options and layer-2 options.
However, for the reason that Dencun improve in March 2024, which optimized gasoline charges for layer-2 rollups, Ethereum’s price income has collapsed by 99%, in keeping with Token Terminal.
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