Ethereum has gained fresh attention in the crypto market as its performance against Bitcoin shows a possible change in direction. Tom Lee, chairman of BitMine and co-founder of Fundstrat, says the ETH/BTC ratio has broken above a multi-year downtrend. For him, this is an important sign because the ratio can show when Ethereum starts to gain more strength than Bitcoin.
The latest news on August 18, 2026, also puts a major focus on BitMine’s large Ethereum treasury. The company now has about 5.8 million ETH, or about 4.8% of the total Ethereum supply. BitMine has made Ethereum its main crypto asset, and its large position has made the company one of the most important corporate holders of ETH.
Lee’s view goes beyond a short-term price move. He sees wider uses for Ethereum as a possible reason for future demand. Two areas stand out in his view: tokenization and AI agents.
The ETH/BTC Ratio Matters
The ETH/BTC ratio compares the price of Ethereum with the price of Bitcoin. A rise in this ratio means Ethereum gains value at a faster rate than Bitcoin, or Bitcoin loses value faster than Ethereum.
Lee sees the recent break above a long-term downtrend as a useful signal. The move does not mean Ethereum must rise every day, and it does not guarantee a large price jump. Still, it suggests that the market may give Ethereum more value than it did during the earlier part of the cycle.
This matters because Bitcoin has long held the strongest position in the crypto market. It is the largest digital asset and often acts as the main choice for investors who want crypto exposure. Ethereum has a different role. Its network supports smart contracts, digital assets, decentralized finance, stablecoins and many other blockchain-based products.
If investors start to place more value on those uses, ETH could gain more ground against BTC.
Tom Lee Sees a Bigger Ethereum Story
Lee’s view is based on more than market charts. He sees Ethereum as a network that can support a much wider digital economy.
One major area is tokenization. Tokenization means the creation of a digital version of an asset on a blockchain. A company could, for example, place shares, bonds, funds or other assets on a blockchain. Users could then transfer or manage those assets through blockchain systems.
Ethereum already has a large role in this area. Its network has long served as a base for many digital assets and financial products. If more traditional assets move to blockchain systems, demand for Ethereum could rise because the network can support these products.
This is one reason Lee sees tokenization as a long-term force for ETH. The idea is simple: if more financial activity uses Ethereum, the value of the network could grow with that use.
AI Agents Could Add Another Demand Source
Lee also points to AI agents as another possible source of demand for Ethereum.
AI agents are software systems that can perform tasks with limited human input. In the future, such systems could need to make payments, use digital services or interact with blockchain-based applications. Crypto networks could offer a way for these systems to move value without the need for a traditional bank account for each action.
Ethereum could have a role in this model because it already supports smart contracts and digital payments.
The AI link is still an early idea, and there is no guarantee that Ethereum will become the main network for AI agents. Yet the possibility adds another part to the long-term Ethereum story.
For Lee, the key point is that ETH may have demand from several areas at once. Tokenization could create one source of demand, while AI agents could create another.
BitMine Builds a Huge ETH Treasury
BitMine has taken a very direct approach to its Ethereum view. The company has continued to add ETH to its treasury and has set a target of owning 5% of the total Ethereum supply.
Its latest figures place its holdings at about 5.8 million ETH. That equals about 4.8% of Ethereum’s total supply. The company is therefore close to its 5% goal. A recent BitMine update placed its holdings at about 5.81 million ETH, while a newer report said the total reached about 5.82 million after another purchase of 9,926 ETH.
The scale of this position is important. BitMine is not simply keeping a small amount of ETH on its balance sheet. Ethereum forms the core of its treasury plan.
The company also uses a large part of its ETH for staking. That gives the treasury another possible source of value because staked ETH can earn rewards. This turns the asset from a simple reserve into a position that can also produce income.
The Purchase Pace Has Changed
BitMine has bought ETH on a regular basis, but the size of each weekly purchase has not stayed the same. Earlier reports noted a slower pace of purchases. One recent weekly update showed a purchase of 7,391 ETH, which took its total to about 5.81 million ETH.
The latest August 18 report, however, said BitMine added 9,926 ETH, worth about $19 million, which took its total to about 5.82 million ETH.
This detail matters because the company is now very close to its 5% target. Once it reaches that level, investors may pay more attention to how BitMine manages the ETH it already owns rather than only how much more it buys.
Why 4.8% of Ethereum Supply Matters
BitMine’s 4.8% share gives the company a major position in Ethereum. Ethereum has a total supply of about 120.7 million ETH, based on the figures cited by BitMine. A 4.8% share therefore represents a very large amount of the asset.
This also gives investors a clear way to measure the company’s strategy. The next major target is 5%.
The gap from 4.8% to 5% may look small, but it still represents a large number of ETH. Reaching that goal would mark a major step in BitMine’s plan.
At the same time, a large treasury comes with risk. If the price of ETH falls, the value of the company’s crypto assets can fall as well. A large position can create strong gains during a bull market, but it can also create large losses during a downturn.
Ethereum Faces Its Own Risks
The stronger ETH/BTC ratio is a positive sign for Ethereum, but it does not remove the risks.
Crypto prices remain highly volatile. Ethereum still faces competition from other blockchain networks, while changes in regulation can affect demand. The success of tokenization and AI agents is also not certain.
There is another important point. A stronger ETH/BTC ratio does not always mean that Ethereum will rise sharply in dollar terms. It only shows that ETH has done better than BTC over the period that the ratio measures.
Investors therefore need to watch both the ETH price and the ETH/BTC ratio.
What This Means for Ethereum
The August 18, 2026 news gives Ethereum a different story from the usual crypto market cycle. The focus is not only on short-term price action. It is also on the role Ethereum could play in a larger digital economy.
Tom Lee sees the break in the ETH/BTC ratio as an important sign. He also sees tokenization and AI agents as possible long-term sources of demand.
At the same time, BitMine has placed a huge bet on that future. Its treasury now stands near 5.8 million ETH, equal to about 4.8% of the total supply. Its latest purchase took the total to about 5.82 million ETH, close to its 5% goal.
The next phase could therefore be important for both Ethereum and BitMine. If ETH gains more strength against Bitcoin and real demand for tokenized assets and AI-based blockchain services grows, Lee’s thesis could gain more support. If those trends fail to develop, the large ETH position could face greater pressure.
For now, the main message from August 18 is clear: Ethereum has begun to attract stronger attention, and Tom Lee believes the market may be at the start of a bigger shift in the ETH versus Bitcoin story.
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