TLDR
- Tom Lee expects Ethereum to outperform Bitcoin over the coming years as blockchain adoption expands.
- The ETH/BTC ratio reached about 0.02994, moving above a long-term downtrend against Bitcoin.
- Lee sees Wall Street tokenization of stocks, bonds and funds as a major future driver for Ethereum.
- He also expects agentic AI applications to increase blockchain transactions and demand for Ethereum infrastructure.
- BitMine reported holdings of 5.8 million ETH, worth about $11 billion and representing roughly 4.8% of Ethereum’s supply.
Tom Lee expects Ethereum to outperform Bitcoin over the coming years as blockchain uses expand. He points to the ETH/BTC ratio as a market signal and sees demand forming around Ethereum.
Lee said the next tailwind for Ethereum could exceed forces that drove past crypto cycles. He linked that view to tokenized assets, stablecoins and activity from AI agents using blockchain networks.
The tailwind for $ETH in the next few years is larger than those prior cycles of ICOs, NFTs
– expect this ratio $ETH/ $BTC to make a sizable move higher https://t.co/pD3CdE4UtB
— Thomas (Tom) Lee (not drummer) FundstratDirect.com (@fundstrat) August 17, 2026
Ethereum Gains Ground Against Bitcoin
The ETH/BTC ratio stood at 0.02994 and moved above a long-term downtrend that had limited Ethereum against Bitcoin for years. Lee said the rising ratio supports his view that markets are starting to price in Ethereum uses.
Previous crypto cycles brought sources of activity. Initial coin offerings drove 2017-2018, while NFTs and decentralized applications shaped the 2020-2021 cycle.
Lee expects Wall Street firms to place stocks, bonds, funds, and other assets on blockchain networks. He believes this could increase demand for Ethereum infrastructure as institutions adopt tokenized products.
He also expects agentic AI systems to interact with blockchains. These systems could create transactions as automated agents send payments, manage assets and use on-chain services.
Lee Sees Ethereum as Settlement Layer
Earlier this month, Lee described Ethereum as a future settlement layer for finance. His outlook centers on the network’s role in tokenization, stablecoins and programmable transactions.
The view comes as BitMine expands its Ethereum holdings. The company reported Aug. 17 that it held 5.8 million ETH, equal to about 4.8% of Ethereum’s 120.7 million supply.
BitMine valued its Ethereum holdings at about $11 billion using an ETH price of $1,893. The company added 9,926 ETH during the previous week.
Lee serves as BitMine chairman and co-founded Fundstrat. His comments place the ETH/BTC ratio at the center of his case for Ethereum gaining ground against Bitcoin.
