Fundstrat managing partner Tom Lee says Ethereum (ETH) is set to outperform Bitcoin (BTC) substantially in the years ahead, fueled by broader market drivers than in previous cycles.
Lee says on X that the tailwinds for ETH are stronger than ever, pointing to Wall Street tokenizing assets on the blockchain and artificial intelligence (AI) integrating with blockchain technology.
In historical cycles, Lee says that the ETH/BTC ratio saw significant increases during bull markets due to such tailwinds as Initial Coin Offerings (ICOs), non-fungible tokens (NFTs) and stablecoins.
“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…
This ETH/ BTC ratio has moved up during crypto bull cycles, driven by increasing use of Ethereum relative to Bitcoin. These prior cycles were fueled by:
- ICOs (2017-2018).
- NFTs (2020-2021).
- stablecoins (2025).
In this upcoming crypto cycle, we see the ETH/BTC ratio rising, driven by Wall Street tokenizing on the blockchain and by agentic-AI using blockchains.”
The comments build on analysis of Ethereum’s increasing use relative to Bitcoin across cycles, positioning new institutional and technological applications as key catalysts.
Lee also serves as the chairman of BitMine Immersion (BMNR), the largest Ethereum treasury firm in the world.
ETH/BTC is currently trading at 0.02964 BTC ($1,906).
Follow us on X, Facebook and Telegram
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Generated Image: Midjourney