Tom Lee: Asset Tokenization and Agentic AI May Drive ETH Upwards

Tom Lee, chairman of the Bitcoin treasury company Bitmine, stated that historically, during cryptocurrency bull market cycles, the ETH/BTC ratio typically rises as Ethereum's usage increases relative to Bitcoin. The NFT boom from 2020 to 2021 and stablecoins in 2025 have previously driven the growth of Ethereum applications. In the next cycle, Wall Street's asset tokenization and the use of Agentic AI in blockchain could further push the ETH/BTC ratio higher. Since the third quarter of 2026, ETH has been the best-performing macro asset, outperforming the S&P 500 by 5430 basis points as of last Friday; the top three performing assets since June 30 have been ETH, BTC, and SOL, with crypto assets significantly outperforming other macro assets so far in the third quarter, potentially attracting institutions to increase their crypto asset allocations. Lee added that as we enter the last few months of 2026, the crypto market faces several positive catalysts, including the anticipated vote on the CLARITY Act in mid-September, Korean investors re-entering the crypto market, and expectations that it will bottom out in the coming weeks.

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