Is Ethereum ready to outperform Bitcoin? Tom Lee points to key ratio

Fundstrat co-founder and BitMine chairman Tom Lee has told investors to watch the Ethereum-to-Bitcoin ratio for signs of a broader crypto recovery

Summary

• Tom Lee says a rising ETH/BTC ratio could mark renewed demand across the crypto market.
• Ether is testing resistance near 0.0286 BTC after recovering from its early June local low.
• Falling Bitcoin dominance and improving altcoin measures point to rotation, but confirmation remains limited.

In a July 13 post before his WebX 2026 appearance in Tokyo, Lee called ETH/BTC a “signal of a revival of crypto.” His statement reflects his market view rather than a guaranteed trading signal. WebX listed Lee for a keynote from 11:25 a.m. to 11:55 a.m. on the CRYL Stage.

The ratio shows how much Bitcoin one Ether can buy. A rising reading means Ethereum is gaining against Bitcoin, while a falling reading means Bitcoin is leading. ETH/BTC recently climbed toward 0.02858 after rebounding from an early June low near 0.026

Live prices later placed the ratio near 0.0282, showing that the pair remained close to its recent resistance area. Ether traded around $1,800 while Bitcoin changed hands near $63,700 at the time of checking.

ETH/BTC tests resistance after June recovery

The pair has formed higher lows since early June, but it still faces a ceiling around 0.0286. Traders have watched that level because several recovery attempts stalled there. A clean move above it could extend Ethereum’s relative rebound. Another rejection could return attention to support around 0.027 and the June floor near 0.026.

The wider trend remains mixed. ETH/BTC was still lower over the previous three months despite its July recovery. As crypto.news previously reported, Ether had fallen harder than Bitcoin through much of 2026, pushing the ratio toward multi-year lows

Stronger Bitcoin ETF demand, weaker Ethereum fund flows and competition from other networks contributed to that gap. A stronger ratio would mark a change from that pattern, not a confirmed long-term reversal.

Bitcoin dominance and altcoin measures shift

Lee’s call also comes as Bitcoin’s share of the total crypto market has eased from recent highs. CoinGecko placed Bitcoin dominance near 56.2%, while other trackers showed readings that varied by methodology. A falling dominance rate can show that capital is moving toward Ether and other digital assets, although stablecoin values and different market baskets can change the result.

Source: CoinGeckoThe Altcoin Season Index has also improved, with one reading near 58. That remains below the common 75 threshold used to define a full altcoin season. The rise shows that more large altcoins have started to outperform Bitcoin, but it does not confirm a market-wide shift. Several smaller tokens still trade well below their 2025 peaks. The measure tracks top assets over 90 days and excludes stablecoins and asset-backed tokens.

ETF demand and BitMine buying remain in focus

Fund flows give Ethereum a second test. As crypto.news reported, U.S. spot Ethereum ETFs returned to daily net inflows in early July after weeks of pressure. The funds took in about $14.9 million on July 1, led by BlackRock’s ETHA

One positive day did not erase the June outflows, so traders still need a steadier run of demand. Ethereum’s staking rate has also crossed 33%, reducing liquid supply available for sale.

Corporate buying has added another source of support. BitMine said its Ethereum treasury reached 5.74 million ETH, equal to about 4.8% of supply

Lee has linked Ethereum’s outlook to stablecoin growth, tokenized assets and clearer U.S. rules. Those claims remain forward-looking. For now, ETH/BTC needs to hold its recovery and break resistance before Lee’s “revival” view gains stronger market confirmation.