Tom Lee Says Ethereum Entering Bitcoin Style Supercycle Trend

Lee explained to his followers on X that sharp pullbacks historically preceded major upside. On-chain data backs that view, showing long-term wallets accumulating a record 27 million ETH and the asset trading close to their cost basis, a level that often marks strong buy zones. At the corporate level, BitMine Immersion Technologies recently reshaped its leadership by appointing Chi Tsang as CEO and expanding its board to strengthen governance. Institutional interest also continues to build, with ARK Invest increasing its BitMine exposure, while other companies adopt their own crypto treasury strategies across Solana and Zcash.

Ethereum Tracks Bitcoin’s Path

Ethereum may be facing a period of sharp volatility, but some analysts argue the asset is entering the early stages of a long-term trend that could mirror Bitcoin’s explosive growth over the past decade. BitMine executive chair and Fundstrat co-founder Tom Lee said in a post on X that Ethereum seems to be “embarking on that same Supercycle” that helped Bitcoin multiply more than 100-fold since he first recommended it to clients in 2017. 

At the time, Bitcoin was worth about $1,000, which is a level that eventually led to several dramatic corrections, including drawdowns of more than 75%, before ultimately reaching a record high above $126,000 in October of 2025.

Lee framed Ethereum’s current pullback as part of the same pattern of investor doubt that formed part of Bitcoin’s long-term climb. He argued that the extreme volatility is a sign that markets are still trying to “discount a massive future,” and that the investors who ultimately benefited from Bitcoin’s supercycle were those willing to endure what he described as multiple “existential moments” in the market.

On-chain data suggests long-term Ethereum holders are continuing to treat the current downturn as an opportunity rather than a threat. CryptoQuant analyst Burak Kesmeci noticed that Ethereum’s recent price of around $3,150 places it only about $200 above the average cost basis for long-term accumulators — defined as wallets that have been “patiently stacking” ETH throughout the year. He added that Ethereum has only fallen below this level once in 2025, during the market shock triggered by US President Donald Trump’s global tariff policy.

ETH’s price action over the past week (Source: CoinMarketCap)

Despite the broader market contraction and a 24-hour dip to as low as $3,023, Ethereum seems to be holding steady around the $3,185 range. Kesmeci shared that roughly 17 million ETH flowed into long-term accumulation addresses so far this year, swelling the total balance held in these wallets from 10 million to 27 million ETH. He argued that if Ethereum drops below the $2,900 cost basis, it is “unlikely to stay there for long,” and called it one of the strongest historical price zones for long-term accumulation.

BitMine Reshapes Leadership

In other Ethereum-related news, BitMine Immersion Technologies announced a major leadership shift as the company continues building one of the largest Ether treasuries among publicly traded firms. In a notice that was released Friday, the company said Chi Tsang will replace Jonathan Bates as CEO effective immediately. 

Announcement from Bitmine Immersion Technologies

BitMine evolved from a mining company into a dedicated Ethereum treasury firm under chairman Tom Lee, with reported holdings of more than 3.5 million ETH. At current prices, the stash is valued at more than $11 billion.

Tsang said BitMine’s growing presence in the Ethereum ecosystem and rising recognition on Wall Street position it to become “a leading financial institution.” The company also appointed three new independent board members as part of its governance overhaul. BitMine now stands as the largest publicly traded Ether treasury company, similar but contrasting Michael Saylor’s Strategy, which is still the largest institutional holder of Bitcoin.

Institutional interest seems to be growing. ARK Invest disclosed on Nov. 7 that it bought roughly $2 million in BitMine shares, adding even more Ethereum exposure across its ETFs. However, BitMine’s stock struggled over the past few weeks, falling roughly 30% over the past month to trade at $34.43 on the New York Stock Exchange.

Bitmine Immersion Technologies share price over the past month (Source: Google Finance)

Beyond Ethereum and Bitcoin, other publicly traded companies are beginning to adopt similar digital asset treasury strategies. Forward Industries currently holds the largest Solana position, with an estimated 6.82 million tokens. Meanwhile, Leap Therapeutics — now rebranded as Cypherpunk Technologies — announced a major push into Zcash, and bought $50 million worth of the privacy coin as part of a formal treasury strategy.

Overall, these developments form part of a growing trend of corporations treating cryptocurrencies as strategic balance sheet assets.