Ethereum (ETH) in a Supercycle as Stablecoins Drive Surging On-Chain Activity, Tom Lee Says
ETH/USDT
$39,049,302,904.94
$2,145.26 / $2,009.54
Change: $135.72 (6.75%)
-0.0018%
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COINOTAG News reported on October 26 that Tom Lee, chairman of BitMine—the first institution to hold Ethereum—stated that ETH remains in a supercycle. While markets often lead the fundamentals, Lee notes periods when on-chain metrics drive prices, implying a potential re-pricing in the near term.
Demand for stablecoins has surged, and Ethereum transaction volume has reached a fresh all-time high, underscoring rising on-chain activity on Layer 1 and Layer 2 networks. In his CNBC interview, Lee linked this activity surge to stronger underlying fundamentals, even as current pricing lags behind.
Lee added that sustained on-chain momentum could precede a meaningful price response for the crypto market before year-end, depending on liquidity and adoption trends. Investors should monitor ETH metrics and stablecoin flows as leading indicators of the next cycle.