Ether Could Follow Bitcoin’s 100x Path, Says Tom Lee as LTH Accumulate

Ether may be entering the same kind of explosive growth cycle that propelled Bitcoin to a hundredfold gain since 2017, according to Tom Lee, executive chair of Ether treasury firm BitMine. 

In a post on X, Lee said he first recommended Bitcoin to Fundstrat clients when it traded near $1,000 and highlighted that despite multiple 75% drawdowns, the asset eventually surged more than 100x. He now believes ETH is beginning a similar “Supercycle.”

Lee’s comments come after a turbulent stretch in the crypto market. In early 2025, Bitcoin vastly outperformed Ether, continuously breaking new highs while ETH struggled to keep pace. ETH eventually reached its all-time high of $4,946 in August, only to see Bitcoin topping $126,000 just two months later.

Market Volatility Seen as Temporary

The market has since cooled. Bitcoin now trades roughly 25% below its peak, while Ether has slipped more than 35%. Lee argues that this volatility mirrors earlier phases of Bitcoin’s long-term rise, describing it as “doubt discounting a massive future.” He stressed that investors who benefited from Bitcoin’s 100x surge had to endure repeated price crashes and uncertainty.

“To have gained from that 100x Supercycle, one had to stomach existential moments to HODL,” Lee wrote, implying that the same resilience may be required to profit from Ethereum over the coming years.

Ether Nears Key Buy Zone for Long-Term Accumulators

On-chain data suggests long-term ETH investors are preparing for that possibility. CryptoQuant analyst Burak Kesmeci noted that ETH is now hovering close to the average cost basis of long-term holders—currently estimated near $2,900. With ETH trading around $3,150 on Monday, it would only take another $200 drop to reach that level.

Kesmeci said Ether has dipped below this cost basis level only once this year. This was during April’s market shock following the U.S. President Donald Trump’s global tariff announcement. He added that long-term investors have accumulated roughly 17 million ETH in 2025, raising their total holdings to 27 million from just 10 million at the start of the year.

“If ETH falls below $2,900, history suggests it won’t stay there for long,” Kesmeci wrote, calling it one of the strongest accumulation zones for long-term buyers.

Ether briefly touched $3,023 in the past 24 hours but has since recovered slightly, trading around $3,200 at press time.