Tom Lee Calls for 100x Ethereum 'Supercycle' Like Bitcoin as BitMine Adds More ETH

Publicly traded Ethereum treasury steadfast BitMine Immersion Technologies added 54,156 ETH—currently worthy astir $170 million—to its equilibrium expanse implicit the past week, the firm announced connected Monday.

BitMine present holds 3,559,879 ETH valued astatine much than $11.1 billion, making it the largest publically traded Ethereum treasury successful the world, and the 2nd largest crypto treasury wide down Michael Saylor’s Strategy and its $61 cardinal Bitcoin stash. The Ethereum-centric steadfast besides holds 192 Bitcoin (about $18 cardinal worth) and $607 cardinal successful cash.

Like Strategy, BitMine keeps accumulating ETH careless of its terms action. The second-largest crypto plus by marketplace capitalization has dropped much than 11% successful the past week, and is now 35% disconnected its August all-time high.

Myriad predictors are astir evenly divided connected Ethereum's adjacent move, predicting a astir 51% likelihood of ETH falling to a terms of $2,500 alternatively than rising to $4,000. But those likelihood person flipped respective times implicit the past 24 hours arsenic the terms of Ethereum has shifted. (Disclaimer: Myriad is simply a merchandise of Decrypt's genitor company, Dastan.)

Despite the caller losses, BitMine Chairman Tom Lee is inactive calling for an Ethereum “supercycle,” predicting that prices person not peaked for this cycle. He further suggested, successful an X post, that Ethereum could spot a 100x emergence successful terms successful the agelong run, akin to Bitcoin’s spike since Lee’s steadfast Fundstrat archetypal recommended holding the plus backmost successful 2017.

"We look astatine 5 explanations for the crypto terms rhythm and reason that 2 person important explanatory value,” said Lee successful a statement. “Both of these suggest a crypto rhythm apical apt 12-36 months away.”

According to Lee, the marketplace is inactive recovering from the record-breaking crypto liquidation lawsuit successful October, which saw much than $19 cardinal positions wiped distant successful a azygous day. The lingering weakness, helium added, lends immoderate credence to the speculation that a marketplace shaper whitethorn person been severely impacted during the crash. 

“When a marketplace shaper has a 'hole' connected their equilibrium sheet, they are seeking to rise superior and are reducing their liquidity functions successful the market,” helium said. “This is the equivalent of QT (quantitative tightening) for crypto, and has the effect of dampening prices. In 2022, this QT effect lasted for 6-8 weeks. And this is astir apt happening today."

Strategy Shares Dip Despite $835 Million Bitcoin Purchase—Its Largest successful 4 Months

Lee, who was an aboriginal Bitcoin bull, has remained bullish connected year-end predictions. In aboriginal November, helium suggested that Bitcoin could tally to $150,000-$200,000 earlier the extremity of the year, with Ethereum perchance rising to $7,000.