Ethereum Breaks Multi-Year Downtrend as Tokenization Gains Traction

Tom Lee, chairman of BMNR, believes that tokenization and agentic AI are breaking the multiyear downtrend in the Ethereum (ETH)-to-Bitcoin (BTC) ratio. This trend reversal is a positive sign for Ethereum adoption.

The ETH/BTC ratio has moved above its long-term downtrend, which began several years ago. Lee attributes this move to increasing use of Ethereum relative to Bitcoin, driven by various narratives in past crypto cycles.

Lee points out that the recent move in the ETH/BTC ratio suggests investors are starting to recognize the potential of tokenization and agentic AI applications on blockchain networks.

Bitmine, a company with significant Ethereum holdings, has been actively accumulating Ethereum since June 2025. The company repurchased 1.7 million shares over the past week, bringing its total buybacks since July 1 to more than 20.8 million shares under its previously authorized $4 billion share repurchase program.