“BitMine Immersion Technologies’ executive chairman says ETH is beginning a bitcoin-style run as he highlights past drawdowns and patience.”, — write: www.coindesk.com
He noted bitcoin endured six drawdowns greater than 50% and three greater than 75% over the past 8.5 years, arguing crypto’s volatility reflects markets “discounting a massive future” and that investors had to hold through “existential moments.”
The call drew pushback. A prominent bitcoin influencer known as “The Bitcoin Therapist” asked what utility ether offers that “hundreds of other coins don’t,” questioned Ethereum’s moat beyond market penetration and whether traditional finance would actually run on Ethereum rails for 24/7 trading. “I would never want my assets on the ethereum blockchain,” he wrote.
Lee did not provide timing targets or valuation markers for the ether thesis, beyond cautioning that “the path higher is not a straight line.” His comments extend a long-running view that crypto cycles can reward patience but come with severe interim drawdowns.
Looking ahead, sustained growth in on-chain activity on Ethereum and its Layer-2s alongside expanded institutional use cases, will help test the thesis.
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence’s Token Security API averaged 717 million monthly calls year-to-date in 2025, with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch, the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B, while derivatives volume peaked the same month at over $4B.
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Despite its bearish reputation, every death cross in the current cycle has marked a major local bottom.
- Bitcoin is down about 25% from its October all-time high, with the 50-day moving average set to cross below the 200-day moving average, a bearish technical signal referred to as a “death cross.”
- Bitcoin has fallen during this latest government reopening, echoing the market’s reaction in 2019, with the price dropping as much as 10% since the government resumed operations this week.
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