Fundstrat co-founder Tom Lee has renewed his bullish case for Ethereum, arguing that the ETH/BTC price ratio is poised to rise throughout the second half of 2026.
Lee’s comments came after BitMine shared a post on X highlighting several structural trends it believes favor Ethereum gaining ground relative to Bitcoin.
“As 2H 2026 starts, a key ratio is ETH/BTC price ratio,” BitMine wrote, signaling that the metric would be critical for investors to monitor going forward.
BitMine added, “We expect this ratio to rise throughout 2026. This ratio will be important to watch,” framing Ethereum’s relative performance as a central theme for the remainder of the year.
Lee subsequently shared the post and reinforced the view, writing, “There are reasons for ETH/BTC price ratio to rise in 2H2026,” and adding that “ETH is money narrative likely gains traction.”
The remarks build on Lee’s long-running bullish thesis for Ethereum, which he has maintained despite the asset’s extended period of muted underperformance against Bitcoin.
Earlier this year, Lee attributed Ethereum’s price weakness to broader macroeconomic pressures rather than any deterioration in its underlying fundamentals, describing the selling pressure as “short-term tactical noise.”
“If one is wondering why Ethereum has been under selling pressure, to me, rising oil prices is the biggest headwind,” Lee wrote in May, pushing back against more bearish interpretations of the asset’s decline.
Lee has also outlined a scenario in which Ethereum trades between $12,000 and $22,000 if Bitcoin climbs to $250,000 and the ETH/BTC ratio recovers to levels seen during the 2021 bull market cycle.
“If Bitcoin gets to $250,000, that would value Ethereum somewhere between $12,000 and $22,000 if it returns to its 2021 ratio,” Lee said, framing the target as a conservative baseline under that macro backdrop.
Beyond that range, Lee suggested Ethereum could climb as high as $62,000 if investors begin treating the blockchain as critical payments infrastructure underpinning tokenized finance.
Reaching $62,000 per token would represent a profound structural shift for the entire digital asset industry, given Ethereum’s current circulating supply of roughly 120.7 million ETH.
At that price, Ethereum’s market capitalization would stand at approximately $7.5 trillion, a figure that would make it worth around 3.5 times the value of the entire crypto market as it stands today near $2.14 trillion.
That scale of appreciation would require a fundamental transformation of how global financial markets adopt and integrate blockchain-based infrastructure, far beyond anything seen in prior crypto bull cycles.
Whether Lee’s targets prove prescient or aspirational, the renewed focus on the ETH/BTC ratio suggests institutional observers are beginning to reassess Ethereum’s role in the next phase of digital asset market development.
