Tom Lee Calls Ether a 'Supercycle' Asset Amid Price Dip, Faces Skepticism
On November 16, 2025, Tom Lee, the executive chairman of BitMine Immersion Technologies, stated that ether is entering a "supercycle," similar to the one that saw bitcoin increase 100-fold since 2017. Critics, however, pushed back on this idea, questioning Ethereum's unique utility and scalability.
Tom Lee's argument
Lee argues that just as bitcoin endured significant volatility, Ethereum's current downturns are part of a larger trend that reflects markets "discounting a massive future".
He believes that institutional adoption is a major driver, noting that Wall Street is increasingly turning to Ethereum for tokenization and infrastructure.
BitMine Immersion, Lee's company, has been accumulating a large amount of ether, a move he believes is a long-term investment in the future of finance.
Criticisms and pushback
A bitcoin influencer known as "The Bitcoin Therapist" challenged Lee's view, asking what unique utility ether offers compared to other cryptocurrencies and questioning if traditional finance would truly run on Ethereum's blockchain.
Other critics point to Ethereum's history of significant drops and higher perceived risk compared to bitcoin as reasons to be skeptical of a supercycle.
Some question Ethereum's long-term ability to maintain its market position, especially given the rise of competing chains.
Additional context
Lee cautioned that the path upward for ether will not be linear and that investors must have patience through volatility.
He noted that recent market weakness was due to market maker balance sheet issues, which he views as a temporary issue rather than a fundamental flaw in the market structure.
As of November 16, 2025, ether's price had dipped below $3,100 amid this volatile period.
