TLDR

BitMine’s Tom Lee believes Ethereum is starting the same “supercycle” that saw Bitcoin multiply 100 times since 2017
Long-term ETH holders have accumulated 27 million ETH this year, up from 10 million at year start
BitMine purchased $234 million worth of ETH in the past week through institutional brokers
Critics question Ethereum’s competitive advantage over faster chains like Solana
ETH’s current price near $3,150 approaches the average cost basis of long-term holders at around $2,900

Tom Lee, executive chair of BitMine Immersion Technologies, claims Ethereum is beginning the same price trajectory that multiplied Bitcoin’s value by 100 times since 2017. Lee shared his prediction on X Sunday, drawing parallels between ETH’s current position and Bitcoin’s starting point years ago.

Lee first recommended Bitcoin to Fundstrat clients in 2017 when it traded around $1,000. Despite multiple drops exceeding 75%, Bitcoin has now reached over $95,000.

“We believe ETH is embarking on that same Supercycle,” Lee stated in his post. He warned investors would need to “stomach existential moments to HODL” through the volatility.

Ethereum has lagged Bitcoin’s performance throughout early 2025. While Bitcoin hit new highs above $126,000 in October, ETH peaked at $4,946 in August.

Both cryptocurrencies have since declined from their highs. Bitcoin has fallen 25% while Ethereum dropped over 35% as markets contracted.

Ethereum Price on CoinGecko

Market Data Points to Accumulation

CryptoQuant contributor Burak Kesmeci notes ETH trades near a critical support level. The current price around $3,150 sits just $200 above the average cost basis of long-term holders.

These accumulation addresses have absorbed 17 million ETH this year. Total holdings in long-term wallets grew from 10 million to 27 million ETH.

Kesmeci identified $2,900 as a key threshold. ETH has only dipped below this level once in April when President Trump’s global tariffs took effect.

“It is unlikely to stay there for long,” Kesmeci said about potential drops below $2,900. He called this price level “one of the strongest long-term accumulation opportunities.”

Whale Activity Supports Bullish Thesis

Arkham data reveals BitMine purchased over 67,000 ETH in the past week. The transactions totaled more than $234 million across multiple institutional brokers.

Purchases came through Galaxy Digital, FalconX, and Coinbase. The buying activity occurred despite recent market weakness.

Critics have challenged Lee’s supercycle thesis. The Bitcoin Therapist, a prominent Bitcoin influencer, questioned Ethereum’s competitive advantages.

“What unique advantage does Ethereum have that hundreds of other coins don’t?” the influencer asked. He doubted global financial markets would choose Ethereum for round-the-clock settlement.

Performance concerns persist despite network upgrades. Competitors like Solana offer faster and cheaper transactions.

Ethereum’s decentralized finance ecosystem remains its strongest use case. Layer-2 platforms including Base, Arbitrum, and Optimism continue expanding network capacity.

Tokenized assets and institutional applications provide additional growth drivers. Gaming applications also contribute to network activity.

Lee emphasized that price volatility reflects the market “discounting a massive future.” He compared current ETH skepticism to doubts Bitcoin faced during its early supercycle.

Ethereum touched a 24-hour low of $3,023 before recovering. The token trades flat at $3,185 over the past day.

The post Ethereum (ETH) Price: Long-term Holders Stack 27 Million Tokens as Lee Projects Major Rally appeared first on Blockonomi.

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Filed under: Bitcoin - @ November 17, 2025 12:24 pm