BitMine CEO Identifies a Bitcoin-Like ‘Supercycle’ Beginning for Ethereum
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Ethereum may be entering a prolonged expansion phase akin to the one that drove Bitcoin’s value to increase 100X since 2017, according to BitMine CEO Tom Lee.
This perspective is presented amid a market downturn that has seen the price of Ether fall 11.45% over the past week, prompting close observation to determine when a sustained upward trend might commence.
Like Bitcoin, Journey to 100x Will Not Be Smooth
The foundation for this outlook was established by recalling Bitcoin’s historical performance. On X, Lee referenced a 2017 recommendation to Fundstrat clients, urging a small 1%–2% portfolio allocation to Bitcoin when it traded near $1,000.
That modest proposal now serves as a framework for understanding long-term market cycles, particularly as Ethereum embarks on a similar path.
https://twitter.com/fundstrat/status/1990082437116780901?s=20
The subsequent eight-and-a-half-year journey of Bitcoin was characterized by extreme volatility. It was documented that the asset lost significant value on six distinct occasions and experienced three separate crashes exceeding 75%.
Each decline severely tested investor confidence. Yet, those who maintained their positions were ultimately rewarded as the price grew nearly one hundred times by 2025. The critical lesson, Lee asserts, is that patience superseded timing. Only investors who endured periods of severe pessimism captured the full reward.
That same perspective now shapes his view of Ethereum. He believes the asset is moving into a long-term expansion phase similar to Bitcoin’s earlier run, a path he describes as a new “Supercycle.”
Market trend data shows that Ethereum has underperformed Bitcoin since early 2025 as the market rotated toward new highs.
As Ether price reached a record high of $4,946 in August, Bitcoin later surged to more than $126,000 in October.
However, at press time, Bitcoin has dropped 24.5% from its peak. Ether has fallen even more, sinking 35.68% from its all-time high.
Lee argues this is normal. He maintains that Ethereum will rise over time but will never move in a straight line. Investors, in his view, must expect turbulence and hold through it, just as long-term holders did with Bitcoin.
Is Time Running Short for ETH’s $10K–$12K Forecast in 2025
In October, Lee and BitMEX co-founder Arthur Hayes renewed their optimistic view on where the Ether price may head next.
Hayes projected that Ethereum could reach $10,000 by 2025.
Lee added that a rally toward $12,000 would not represent excess or an unstable bubble. He described it as a natural shift in how the market begins to value Ethereum’s role in the next phase of digital assets.
https://twitter.com/Bankless/status/1977705882218848528?s=20
From his perspective, the next surge would be part of what he called a new layer of price discovery, one shaped by fresh demand and long-term adoption.
However, these targets were presented when Ether price traded near $4,121. Conditions have changed quickly. At press time, Ethereum has slipped to $3,189, cooling sentiment.
Market data reflects the same tone. Ether ETFs logged $728.3 million in outflows between November 10 and November 14, the same stretch where these optimistic predictions were circulating.
With Ethereum still sliding, further outflows would not be surprising. Investors are cautious, and caution often leads to more selling.
Still, the long-term debate continues. Supporters of Ethereum argue that the current decline is temporary. Skeptics warn that time may be running short for the $10K–$12K outlook.
