Ethereum just picked up one of its loudest backers of the year and BitMine Immersion Technologies (BMNR) responded immediately. Shares of BMNR traded at $35.15 in Monday’s pre-market, up $0.75 or 2.18%, after BitMine’s Tom Lee said Ether is entering the same “Supercycle” that once helped Bitcoin rise more than one hundred times from his original recommendation in 2017. The early share move came as Lee argued that ETH is now starting the very pattern that turned Bitcoin into a generational trade.
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Lee pointed to his first Bitcoin call for Fundstrat clients when BTC traded around $1,000.
“We believe ETH is embarking on that same Supercycle,” he wrote on X, adding that Bitcoin has now “100x from our first recommendation.”
ETH has lagged Bitcoin for most of 2025, even though both hit record highs this year. Bitcoin topped out above $126,000 in October. ETH reached its peak of $4,946 in August, then slipped more than 35% as macro weakness dragged crypto lower.
Lee framed that volatility as part of a familiar pattern. “To have gained from that 100x Supercycle, one had to stomach existential moments to HODL,” he said, arguing that pullbacks reflect doubt, not the end of the trend.
Long-Term Holders Hold the Line
New blockchain data shows ETH is now drifting close to levels that long-term holders consider fair value.
CryptoQuant contributor Burak Kesmeci said Ether trading near $3,150 puts it roughly $200 away from the average cost basis of long-term accumulators. He described these wallets as “those who have been ‘patiently stacking.’”
ETH has only fallen below that level once: in April, when former President Trump’s global tariffs went live.
Kesmeci said around 17 million ETH has flowed into accumulation addresses this year alone, and long-term holder balances have expanded from 10 million ETH at the start of the year to 27 million now. If ETH drops toward $2,900, he thinks it would create one of the strongest long-term opportunities in years. According to Kesmeci, if ETH hits that cost basis, “it is unlikely to stay there for long” because the level has historically triggered aggressive accumulation.
What Could Come Next for ETH
Ether briefly dipped to $3,023 before stabilizing near $3,197. Sentiment across the market remains fragile, but long-term positioning suggests deep-pocketed holders are still building exposure.
Lee’s argument is simple. The same cycle that once pushed Bitcoin to unimaginable heights may now be setting up for ETH. If long-term holders continue to defend their cost basis, Ethereum’s next major move could form from right here.
