Tom Lee: The crypto market will bottom out in the coming weeks, and he expects the ETH/BTC exchange rate to continue rising.

Bitmine Chairman Tom Lee stated that as we enter the final month of Q3 2026, ETH was the top-performing macro asset this quarter as of last Friday, outperforming the S&P 500 by 5,430 basis points (54.3 percentage points). In fact, since June 30, the three best-performing assets have been ETH, BTC, and SOL respectively. Given that crypto assets have delivered significant excess returns over other macro assets in Q3 this year, this lays the groundwork for institutional investors to further increase their crypto holdings. As we enter the final months of 2026, we see multiple positive catalysts in the market, including the expected vote on the CLARITY Act scheduled for mid-September. Additionally, South Korean investors have resumed buying crypto assets, shifting from AI stocks to the crypto market. The four-year crypto cycle will bottom in the coming weeks. These factors will pave the way for our expectation that institutional investors will massively participate in crypto asset purchases in the final months of 2026, especially driven by the development of tokenization and agent AI. During crypto bull markets, the ETH/BTC ratio typically rises, mainly due to Ethereum’s growing adoption relative to Bitcoin. Previous cycles were driven by distinct narratives: ICOs from 2017 to 2018, NFTs from 2020 to 2021, and stablecoins in 2025. In the upcoming crypto market cycle, the ETH/BTC ratio is projected to continue rising, fueled by Wall Street’s asset tokenization on blockchains and the use of blockchains by agent AI.