Ether May Be Entering a Bitcoin-Like ‘Supercycle,’ Says Tom Lee — Critics Disagree

Tom Lee, executive chairman of BitMine Immersion Technologies (BMNR) and head of research at Fundstrat Global Advisors, believes ether may be entering a long-term expansion phase similar to bitcoin’s multiyear climb. In a recent post on X, Lee said ETH is “embarking on that same supercycle” that fueled bitcoin’s roughly 100-fold rise after his 2017 call.

To support the comparison, Lee highlighted bitcoin’s history of extreme drawdowns — including six drops exceeding 50% and three selloffs deeper than 75% over the past eight and a half years. He argued that this volatility reflects markets trying to price in a major technological shift, and that investors who ultimately benefited had to push through repeated moments of doubt.

His comments drew immediate pushback. A prominent bitcoin advocate known as “The Bitcoin Therapist” challenged Ethereum’s differentiation, questioning what real utility ETH provides that competing chains cannot. He also cast doubt on the notion that traditional finance would rely on Ethereum for 24/7 asset settlement, writing, “I would never want my assets on the ethereum blockchain.”

Lee offered no specific timeline or valuation targets for his supercycle thesis but emphasized that any long-term rally in ether will be uneven. His view aligns with his broader stance that crypto rewards patience, even as it subjects investors to severe interim declines.

Whether Ethereum follows a bitcoin-like trajectory will depend on continued growth in on-chain activity, stronger traction for Layer-2 networks, and meaningful institutional adoption — all factors that remain under close watch

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