Tom Lee, chairman of Bitcoin treasury company Bitmine, said Ethereum could see renewed momentum in the next crypto cycle as Wall Street tokenizes assets on blockchain and Agentic AI adopts blockchain-based infrastructure. Lee said the ETH/BTC ratio has historically risen during crypto bull markets when Ethereum usage expands relative to Bitcoin, citing NFTs in 2020–2021 and stablecoins in 2025 as prior catalysts. Since the third quarter of 2026, ETH has been the best-performing macro asset, outperforming the S&P 500 by 5,430 basis points as of last Friday, while ETH, BTC and SOL have led asset-class performance since June 30. Lee added that potential catalysts for the final months of 2026 include an expected CLARITY Act vote in mid-September, South Korean investors returning to crypto assets, and a four-year cycle bottom he expects in the coming weeks, which could support institutional inflows.