Tom Lee Predicts ETH/BTC Ratio Surge on Rising Ethereum Demand

Tom Lee, Chairman of Bitmine, is optimistic about the rising ETH/BTC ratio. Historically, during cryptocurrency bull market cycles, the ETH/BTC ratio tends to increase as Ethereum's usage relative to Bitcoin grows. This pattern has been observed in previous periods, including the NFT boom of 2020-2021 and the explosive growth of stablecoins in 2025.

Lee cited these historical cases as examples of how increasing demand for Ethereum network applications drives up the ETH/BTC ratio. He believes that similar catalysts will propel the ratio higher in the next cycle, including Wall Street institutions tokenizing assets and deploying them on blockchain networks, and the demand for Agentic AI's use of blockchain infrastructure.

The data supports Lee's optimism, with Ethereum outperforming the S&P 500 by 5430 basis points since the third quarter of 2026. The top three performing assets have been ETH, BTC, and SOL, with significant outperformance of crypto assets compared to other mainstream macro assets likely to attract more institutional funds.