Tom Lee said the ETH/BTC ratio has broken above a multiyear downtrend, which he views as a potential signal of stronger Ethereum adoption.
• Bitmine added 9,926 ETH over the past week, extending its weekly Ethereum buying streak that began with its treasury strategy in June 2025.
• The company also repurchased 1.7 million shares over the past week, taking its total buybacks since July 1 above 20.8 million shares.
Shares of Bitmine Immersion Technologies (BMNR) gained in morning trade Monday after Chairman Tom Lee said the Ethereum (ETH)-to-Bitcoin (BTC) ratio has broken above a multiyear downtrend.
"We are encouraged to see the ETH/BTC ratio at 0.02994 and rising," Lee said. "This ratio has moved above the long-term downtrend in place over the last few years and is a sign, in our view, that markets are beginning to see materialization of tokenization and agentic-AI applications, which should benefit Ethereum."
Lee also said he expects "easing financial conditions to be a tailwind for crypto." BMNR stock gained around 3% in morning trade alongside broader strength in crypto equities. Ethereum's price recovered to over $1,900 on Monday morning, up over 1.3% in the last 24 hours.
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The leading altcoin was among the top trending cryptocurrencies on Stocktwits at the time of writing. Retail sentiment around Ethereum and BMNR remained in 'bearish' territory over the past day.
Meanwhile, Bitcoin gained around 1% in the last 24 hours, trading at around $63,500 at the time of writing. Retail sentiment around the apex cryptocurrency on Stocktwits improved to 'bearish' from 'extremely bearish' over the past day.
Why Does The ETH/BTC Ratio Matter?
The ETH/BTC ratio is basically how much Bitcoin one Ethereum token could buy. Over the past several years, Ethereum has underperformed Bitcoin, which Lee says has now broken to the upside.
"This ETH/BTC ratio has moved up during crypto bull cycles, driven by increasing use of Ethereum relative to Bitcoin," Lee said. According to him, different narratives drove past crypto markets, including initial coin offerings (ICO) during the 2017-2018 cycle, non-fungible tokens (NFTs) during the 2020-2021 bull run, and stablecoins in the 2025 cycle.
In the current crypto cycle, Lee flagged two potential catalysts that could drive crypto gains. One is the tokenization of traditional assets on blockchain networks, and the second is the use of blockchain infrastructure by agentic AI systems to transact.