Tom Lee Says Ethereum’s Years-Long Slide Against Bitcoin Is Ending. Ethereum Lost Another 4.6% to Bitcoin in a Week.
Tom Lee is calling the end of Ethereum's long slide against Bitcoin, pointing to tokenized stocks and AI agents as the catalysts. But the data from the very week he made that call tells a very different story.
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.
Tom Lee, Chairman of BitMine Immersion Technologies (NYSEAMERICAN:BMNR | BMNR Price Prediction), said on October 12, 2026, that he believes tokenization and AI agents will end Ethereum’s (CRYPTO:ETH) extended decline against Bitcoin (CRYPTO:BTC). However, between October 6 and October 13, the ETH/BTC ratio fell another 4.7%, with Ethereum down 8.0% and Bitcoin down 3.5%.
Lee also mentioned that this shift could ignite the largest bull market in cryptocurrency history, driven by what he sees as a $2 trillion wealth transfer. This is a bold call from the head of a company that holds more Ethereum than any other.
The ETH/BTC Ratio Fell 4.7% in the Same Week
Over the past week, the ETH/BTC ratio, which divides Ethereum’s price by Bitcoin’s price, fell significantly. This ratio indicates how much Bitcoin one Ethereum can buy. As of October 13, with Ethereum priced at around $2,498 and Bitcoin at approximately $83,280, the ratio stands at 0.0300. This direct comparison shows how the two cryptocurrencies are performing against each other, independent of the overall market. Over the past seven days, Bitcoin outperformed Ethereum.
A prolonged decline in this ratio negatively impacts a specific group of investors who hold Ethereum in the hope that it will eventually surpass Bitcoin. Many believe that Ethereum’s ability to run applications gives it the edge over Bitcoin, which primarily functions as a store of value. When the ratio declines over the years, these investors would have been better off owning Bitcoin, even during periods when Ethereum’s dollar price increased.
Lee’s assertion focuses on future trends rather than specific price points, but the past week hasn’t favored his view.
Lee Says Tokenized Stocks and AI Agents Will Lift Ethereum
Tokenization refers to transforming assets, like stocks, into digital tokens that can be traded on a blockchain. Agentic AI involves software that can make decisions and handle transactions without human intervention. Both concepts require a blockchain to operate, and Lee believes Ethereum is best positioned to benefit because of its existing ecosystem of developers, applications, and trading activity.
If demand for these assets rises, it could drive more Ethereum purchases than Bitcoin, potentially lifting the ETH/BTC ratio. However, the tokenized-stocks market is relatively small, valued at about $3.9 billion compared with Ethereum’s market value of roughly $305 billion.
Ethereum ETF Outflows and BitMine’s Slowdown Point the Other Way
Spot Ethereum ETFs, which directly hold Ethereum and trade like stocks, have faced a concerning trend, recording nine consecutive days of outflows. This means investors have withdrawn more than they have invested each day, with these funds holding $15.86 billion in net assets, according to SoSoValue.
BitMine, the largest single buyer of Ethereum, is also slowing its pace. In its latest weekly purchase, the company acquired 12,532 ETH, valued at around $31 million—less than it bought in previous weeks. Additionally, BitMine has a maximum capacity of 77,442 ETH left to buy, around $193 million at current prices, before it reaches 5% of Ethereum’s total supply, at which point purchasing will halt, according to its CEO.
Chart analysts also express concern, pointing to a potential head-and-shoulders pattern in Ethereum’s price chart, characterized by three peaks, with the middle peak being the highest. This pattern often signals fading buying interest, though such patterns do not always play out as expected.
Is Ethereum’s Decline Against Bitcoin Coming to an End?
At this point, it doesn’t seem so yet. The ETH/BTC ratio fell in the past week, investor money has left Ethereum ETFs for nine straight days, and the most consistent buyer is nearing its buying limit. While Lee may be outlining a future shift that could unfold over several quarters, the current data does not support this assertion.
A critical test will occur when BitMine exhausts the remaining 77,442 ETH of room under its 5% cap. If the ETH/BTC ratio stays above 0.0300 after that point, it could indicate new buyers are entering the market, bolstering Lee’s case.
Positive trends like steady ETF inflows, sustained interest in altcoins, and tokenized stocks significantly surpassing the current $3.9 billion market could lend substantial support to Lee’s case. Conversely, if the ratio dips below 0.0300 after BitMine steps back, it suggests that Ethereum’s long-term decline may still dominate the market narrative.
Contact [email protected] for any questions or corrections.
Sam Daodu is a crypto analyst who's spent nearly a decade making blockchain understandable—no easy task when most whitepapers read like fever dreams. He writes for 24/7 Wall St., covering Bitcoin, altcoins, and crypto market analysis for investors. Before crypto, he was a tech writer (back when explaining "the cloud" was peak innovation). Since 2018, he's written for CoinTelegraph, Yahoo Finance, The Block, Cryptonews, Zypto, Rain, and more—basically anywhere people want crypto news without the headache. Sam runs MacLabs Marketing, a content agency for crypto brands tired of sounding like AI wrote their website. He also publishes free crypto education on his site for Web3 enthusiasts who think "gas fees" is a typo. When he's not writing or staring at charts, Sam's either: - Watching anime (currently convinced One Piece has better tokenomics than most altcoins) - At the gym sculpting himself into a Greek god - Listening to the music your mum warned you only bad boys listen to Connect: LinkedIn | Email | MacLabs Marketing
