Tom Lee Expects Ethereum to Surge Higher Against Bitcoin (BTC)

Wall Street permabull Tom Lee expects Ethereum to significantly outperform Bitcoin in the coming years.

Alex Dovbnya · 17 Aug 2026 · 4 min read

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Tom Lee Expects Ethereum to Surge Higher Against Bitcoin (BTC)

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Alex Dovbnya

Mon, 17/08/2026 – 18:46

Wall Street permabull Tom Lee expects Ethereum to significantly outperform Bitcoin in the coming years.

Tom Lee Expects Ethereum to Surge Higher Against Bitcoin (BTC)

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Wall Street permabull Tom Lee expects Ethereum to significantly outperform Bitcoin in the coming years.

The Fundstrat co-founder believes that the next major catalyst for ETH could be substantially larger than the forces that drove previous crypto cycles.

The Fundstrat founder and BitMine chairman views the Ethereum-to-Bitcoin (ETH/BTC) ratio as an important signal for the broader cryptocurrency market.

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In a recent post, Lee said the “tailwind” for ETH over the next few years could exceed those seen during the initial coin offering (ICO) and non-fungible token (NFT) booms.

At press time, the ratio stood at 0.02994 and was moving above a long-term downtrend that had constrained Ethereum against Bitcoin over the past several years.

“We are encouraged to see the ETH/BTC ratio at 0.02994 and rising,” Lee said in BitMine’s latest update. Markets are beginning to recognize the growing use of Ethereum for tokenization and agentic-AI applications, the analyst posits.

The 2017-2018 cycle was dominated by initial coin offerings. The 2020-2021 cycle brought an explosion in NFTs and decentralized applications. More recently, the stablecoin expansion has provided another major source of activity on Ethereum and other smart-contract networks.

According to Lee, the ETH/BTC ratio will rise as Wall Street tokenizes assets on blockchain networks and as agentic AI begins using blockchains.