Last updated on December 18th, 2025 at 08:09 am
Quick Breakdown
- Tom Lee believes Ether may follow a similar long-term 100x trajectory as Bitcoin’s historic run.
- On-chain data shows rising long-term holding activity, with 27 million ETH now locked in accumulation wallets.
- Analysts suggest sub-$2,900 ETH could become a rare long-term entry point if tested.
Veteran analyst sees ETH mirroring Bitcoin’s historic 100x boom
Ether (ETH) may be preparing for a massive long-term price expansion, similar to the run that transformed Bitcoin into a trillion-dollar asset, according to Tom Lee, Executive Chairman of BitMEX and co-founder of Fundstrat.
Bitcoin is a volatile asset.
We first recommended Bitcoin to Fundstrat clients in 2017 (1%-2% allocation)
– Bitcoin 2017 ~$1,000Since 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
Lee shared the view in a recent post on X, recalling that he urged investors to buy Bitcoin in 2017 when it traded near $1,000, long before it rocketed and peaked above $126,000 in 2025 despite enduring several painful 70%-plus drawdowns. He argued that patience amid fear-driven volatility rewarded investors, adding that he sees Ether now entering a comparable multi-year “Supercycle.”
“We believe ETH is embarking on that same Supercycle,”
Lee wrote, stressing that major gains often require enduring periods where sentiment appears doubtful.
ETH Lags BTC at new highs, but analysts see opportunity in volatility
While Bitcoin set fresh highs this year, Ether remained comparatively weaker. ETH touched a record $4,946 in August before cooling alongside Bitcoin, which later reversed sharply from its peak.
The contraction has triggered cautious sentiment, with Bitcoin now down roughly 25% from its high and Ether more than 35% below its record. Despite this retracement, Lee describes the turbulence as “discounting a massive future” rather than signaling exhaustion.
On-chain data shows strong long-term accumulation
Analysis from CryptoQuant contributor Burak Kesmeci suggests Ether is edging close to the average entry price of dedicated long-term holders — a potential key support zone. With ETH currently hovering near $3,185, the asset is only about $200 above the aggregated cost basis of deep-accumulation wallets.
Kesmeci noted that ETH has dipped below this level only once — in April, following geopolitical tariff pressure. This year alone, more than 17 million ETH have been transferred into long-horizon wallets, increasing total long-term holdings from 10 million ETH at the start of the year to 27 million ETH. He believes a slip toward $2,900 could trigger heavy strategic demand, historically linked to “one of the strongest long-term accumulation opportunities.”
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