Tom Lee Says Ethereum Could Follow Bitcoin’s 100x Growth Cycle

Highlights:

• Tom Lee says Ether could follow Bitcoin’s supercycle path toward long-term massive growth.
• Ether price dropped over 35% from its peak, but long-term holders keep accumulating coins.
• Analysts note 27 million ETH now in wallets, showing rising investor confidence overall.

Tom Lee, head of Ether treasury firm BitMine, says Ether might follow the same path Bitcoin took since 2017, when it grew more than 100 times in value. He shared this on X on Sunday. Lee also said he first told clients at his research firm, Fundstrat, to buy Bitcoin when it was around $1,000. After that, Bitcoin dropped several times by as much as 75%, but later rose to its current high price. “Bitcoin has now 100x from our first recommendation,” Lee stated. “We believe ETH is embarking on that same Supercycle.” He added that enduring such market swings required investors to face critical moments to hold their positions.

Bitcoin is a volatile asset.

We first recommended Bitcoin to Fundstrat clients in 2017 (1%-2% allocation)
– Bitcoin 2017 ~$1,000

Since then (past 8.5 years), $BTC:
– 6 declines > -50%
– 3 declines > – 75%

2025, Bitcoin 100x from our first recommendation

TAKEAWAY:
To have… pic.twitter.com/xtIRGLdnWM

— Thomas (Tom) Lee (not drummer) FSInsight.com (@fundstrat) November 16, 2025

Ethereum Faces Temporary Dip but Long-Term Holders Remain Confident

Early this year, Ether was behind Bitcoin while Bitcoin hit record prices. ETH reached $4,946 in August. Bitcoin kept going up and passed $126,000 in October. After that, both coins have fallen quite a bit. By Monday, Bitcoin had dropped 25% from its highest price. Ether lost more than 35% from its peak.

Lee said this market’s ups and downs show doubt, but it could be only temporary compared to long-term growth. Burak Kesmeci, a CryptoQuant contributor, said Ether is now around $3,150. This is only about $200 above the average price that long-term holders paid. These holders have been “patiently stacking” their coins.

Kesmeci said Ether hardly falls below this price. The only time was April, when Trump’s tariffs hit markets. He said these prices are good for long-term investors to buy. He added that about 17 million ETH went into long-term wallets this year. The total in these wallets is now 27 million ETH, up from 10 million at the start of the year. This shows that more investors are confident. Kesmeci added that if Ethereum drops to $2,900, near what long-term holders paid, it likely “won’t stay there long,” looking at past trends.

Ether recently dropped to a 24-hour low of $3,023 but has recovered a little. It is now trading around $3,185 and has stayed flat over the past day. This comes as the whole crypto market is shrinking. Lee’s comments and the accumulation data show that Ether might be starting a phase like Bitcoin’s historic Supercycle. This could mean long-term growth if the market steadies. Overall, even with current market pressure, Ethereum’s past performance and long-term holder activity show it can stay important in crypto portfolios.

Bitcoin’s Market Size Compared to Traditional Assets

Hunter Horsley, the CEO of Bitwise Asset Management, shared his views on how cryptocurrencies, especially Bitcoin, could grow in the future. He noted that Bitcoin’s total market value is about $1.9 trillion, which is very small compared to other major asset classes. For example, stocks are valued at $120 trillion, real estate at $250 trillion, and bonds at $140 trillion.

Horsley pointed out that even a small transfer of money from these traditional assets into Bitcoin could significantly raise its value. The fact that Bitcoin holds such a tiny part of global wealth makes its potential for growth clear. He said, “Bitcoin at $85k, $95k, or $105k is all the same thing in the context of the global asset pool.” He added that the small market size means there is plenty of room for Bitcoin to grow, especially as more big institutions start using it.

Here's what I see happening on 4 year cycles —

Common view: people believe in 4 year cycles, and that 2026 will thus be a down year for BTC.

First order effect: people thus sell in 2025 to avoid the down market year.

Second order effect: the 2025 sellers cause 2025 to be a… pic.twitter.com/DMAjWy6UBc

— Hunter Horsley (@HHorsley) November 16, 2025