Ethereum Bull Tom Lee Insists ETH Is Still in a Supercycle

Tom Lee, co-founder of Fundstrat Global Advisors and chairman of BitMine, has reaffirmed his bullish outlook on Ethereum, saying the network remains in a long-term “supercycle” even as prices lag behind its growing fundamentals.

In an interview with CNBC, Lee said activity on Ethereum’s Layer 1 and Layer 2 networks continues to surge, driven by stablecoin demand and record transaction volumes. “Most of the time price leads fundamentals,” he said, “but sometimes fundamentals lead price.” He believes Ethereum’s strong network growth will eventually be reflected in higher prices toward the end of the year.

Lee has previously said Ethereum could enter a decade-long macro supercycle supported by institutional adoption and real-world asset tokenization. But critics remain skeptical. Andrew Kang of Mechanism Capital called Lee’s view “financially illiterate,” while long-time crypto critic Peter Schiff urged investors to “get out now.”

Ethereum also faces competition from faster and cheaper blockchains like Solana, which has seen a sharp rise in stablecoin settlement volumes in 2025. Even so, ETH has climbed over 3% in the past 24 hours, trading above $4,070, a sign that investor confidence may be returning.

Lee and his firm BitMine, which holds the world’s largest Ethereum treasury, have been buying more ETH during market dips and now own over 3.23 million tokens.

Investor Robert Kiyosaki echoed Lee’s optimism, comparing today’s Ethereum price near $4,000 to Bitcoin’s early days. He wrote that those who invest now could benefit the same way early Bitcoin adopters did, adding: “Old thinkers will be left behind as the gap becomes a Grand Canyon.”

For Lee, Ethereum’s fundamentals — network growth, stablecoin usage, and developer activity — suggest the so-called supercycle is still intact, even if the market hasn’t fully caught up yet.