Tom Lee, executive chairman of BitMine Immersion Technologies (BMNR) and head of research at Fundstrat Global Advisors, said in an X post that ether may be entering the same type of “supercycle” that propelled bitcoin to a 100x gain following his 2017 recommendation to clients.

Lee pointed to bitcoin’s history of extreme volatility, noting it has suffered six drawdowns of more than 50% and three deeper than 75% over the past eight and a half years. Such turbulence, he argued, reflects markets “discounting a massive future,” adding that long-term crypto investors have had to endure repeated “existential moments” to capture outsized returns.

Not everyone agrees with the thesis. A well-known bitcoin commentator, “The Bitcoin Therapist,” challenged Ethereum’s unique value proposition, asking what utility ETH offers that “hundreds of other coins don’t.” He questioned Ethereum’s competitive moat, its long-term role in traditional finance, and whether institutions would truly rely on Ethereum infrastructure for around-the-clock trading. “I would never want my assets on the Ethereum blockchain,” he wrote.

Lee did not offer specific price targets or timing for ether’s supposed supercycle but reiterated that “the path higher is not a straight line,” consistent with his longstanding view that crypto cycles reward patience amid harsh interim declines.

Ultimately, the strength of the thesis will hinge on whether Ethereum and its Layer-2 ecosystem continue to grow on-chain activity and attract broader institutional adoption in the years ahead.