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Ethereum is beginning the same “supercycle” that sent Bitcoin soaring 100x, according to BitMine Chairman Tom Lee.
But Lee, who also a co-founder of Fundstrat Global Advisors, said the path higher for Ethereum will be volatile and urged his 559.8k followers on X to “HODL.”
“The main takeaway from Bitcoin’s run is that to benefit from a 100X cycle, you had to stomach existential movements to HODL,” Lee said, adding that “crypto prices are discounting a massive future,” and that ”doubts create volatility.”
He said that since he first recommended Bitcoin to investors 8.5 years ago, BTC has seen nine substantial price drops, six of them with declines of more than 50% and three of more than 75%.
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’s comments come at a difficult time for ETH, which has plummeted 11% in the past week and more than 19% in the last month. CoinMarketCap data shows it’s down 1.2% in the past 24 hours to trade at $3,127 as of 10:34 a.m. EST.
BitMine Reportedly Buys The ETH Dip
BitMine is the largest corporate holder of ETH and it appears to be backing Lee’s words with action by buying the dip.
Citing on-chain data from Arkham Intelligence, the X account Whale Insider said yesterday that the firm bought another 67,021 ETH for $234.47 million from Galaxy Digital, FalconX, and Coinbase.
JUST IN: In the past week, Bitmine Immersion bought another 67,021 $ETH ($234.47 million) from Galaxy Digital, FalconX and Coinbase – Arkham. pic.twitter.com/d7ipQYHykx
— Whale Insider (@WhaleInsider) November 16, 2025
According to data from StrategicETHReserve, BitMine holds 3.51 million ETH on its balance sheet valued at approximately $11.16 billion.
BitMine ETH holdings overview (Source: StrategicETHReserve)
BitMine says its goal is to acquire 5% of ETH’s total supply as part of its “Alchemy of 5%” strategy, and the firm is already halfway there.
The StrategicETHReserve data shows that BitMine currently holds around 2.90% of the altcoin’s supply, which is 58% of its target.
Long Term Accumulators’ ETH Balances Have Grown
Amid the ETH price drop, CryptoQuant contributor Burak Kesmeci said in a recent note that long-term ETH holders have “chosen accumulation over panic” this year.
The analyst said that around 17 million ETH has flown into “accumulation addresses” so far in 2025.
Kesmeci also said that the altcoin is just 8% away from touching the “accumulation realized price level,” which “represents the average cost basis of long-term accumulators.”
The analyst said that in its entire history, ETH has only dropped below that level once. This was during the April 2025 Trump tax-tariff crisis, which the analyst said was “one of the highest fear periods in modern market history.”
“Historically, this zone has been one of the strongest long-term accumulation opportunities in Ethereum’s market structure,” the CryptoQuant contributor wrote. “My personal view: Even if ETH briefly dips below $2,900, it is unlikely to stay there for long.”
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