Bitmine Chairman Tom Lee says the ETH/BTC ratio has damaged above a multi-year downtrend. He reads the shift as markets pricing in tokenization and agentic-AI demand for Ethereum (ETH).
The remark accompanied BitMine’s weekly treasury replace. It confirmed the corporate sharply slowing its Ethereum purchases whereas stepping up its personal inventory repurchases.
Why the ETH/BTC Ratio Issues to Lee
The ratio measures Ethereum’s efficiency relative to Bitcoin. A rising ETH/BTC ratio is usually interpreted as enhancing relative demand for Ethereum, whereas a declining ratio signifies stronger Bitcoin efficiency.
Lee has argued that the ratio has risen throughout crypto bull cycles. Preliminary coin choices (ICOs) drove the 2017 and 2018 transfer, non-fungible tokens (NFTs) drove the following one, and stablecoins drove 2025.
He now factors to Wall Road settling property onchain and to agentic AI, that means software program brokers that transact with out human enter.
“We’re inspired to see the ETH/BTC ratio at 0.02994 and rising. This ratio has moved above the long-term downtrend in place over the previous couple of years and is an indication, in our view, that markets are starting to see materialization of tokenization and agentic-AI functions, which ought to profit Ethereum,” Lee stated.
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Ethereum Shopping for Slows Whereas Buybacks Speed up
BitMine holds 5,815,164 ETH, roughly 4.8% of the 120.7 million provide. This stack is value about $11 billion with ETH buying and selling close to $1,902. Complete crypto and money reached $11.4 billion, together with 210 BTC.
Purchases have thinned, nonetheless. The agency added 9,926 ETH final week, in contrast with a weekly common of 59,998 ETH throughout 43 weeks of disclosed purchases.
The previous 5 weeks are the one weeks beneath 11,000 ETH since late October. Purchases over that interval peaked at 138,452 ETH in December. Reaching 5% requires roughly 220,000 extra tokens, or below 4 weeks at that earlier tempo.
Capital went elsewhere as an alternative. BitMine repurchased 1.7 million shares final week and 20.8 million shares since July 1, which Lee known as the biggest buyback executed by any crypto digital asset treasury.
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The put up Tom Lee Sees Ethereum Pulling Forward of Bitcoin — and Names 2 Causes appeared first on BeInCrypto.