Tom Lee: Ethereum Embarks on Bitcoin-Style Supercycle
Fundstrat co-founder Tom Lee told his X followers that Ethereum is entering a “supercycle” akin to Bitcoin’s post-2017 rally. Lee views current sharp pullbacks as precursors to major gains, characterizing the phase as an Ethereum supercycle trend. On-chain data shows long-term wallets have accumulated a record 27 million ETH, with the asset trading near its average cost basis—historically a strong buy zone. CryptoQuant analysis notes Ethereum’s price around $3,150 sits just $200 above the cost basis for patient accumulators, who added 17 million ETH this year. Lee warns that market volatility reflects a growing discount on Ethereum’s future value, mirroring Bitcoin’s multiple 75%+ corrections before it topped $126,000 in October 2025.
In corporate developments, BitMine Immersion Technologies appointed Chi Tsang as CEO and added three independent board members, strengthening governance for its over 3.5 million ETH treasury—worth $11 billion. ARK Invest increased its exposure by buying $2 million in BitMine shares, while other firms adopt digital asset treasury strategies: Forward Industries holds 6.82 million SOL, and Cypherpunk Technologies acquired $50 million in ZEC. The trend underscores rising institutional interest in cryptocurrencies as strategic balance-sheet assets.
Bullish
Tom Lee’s supercycle forecast, supported by record on-chain accumulation and institutional treasury strategies, signals strong confidence in Ethereum’s long-term growth. Historically, Bitcoin’s similar supercycle phases saw multiple deep corrections before major breakouts. The current accumulation by long-term holders near cost basis suggests a robust buy zone that could underpin future rallies. Corporate treasury moves by BitMine and ARK Invest’s increased exposure further validate institutional confidence. While short-term price swings may persist, the convergence of technical, on-chain, and institutional indicators points to a bullish outlook for Ethereum, likely driving increased trading activity and upward momentum in both the near and long term.