Tom Lee: ETH Leads Q3, Tokenization and AI Could Be Next Bull Market Engines

Odaily News: Tom Lee said that in historical crypto bull market cycles, the ETH/BTC ratio typically rises as Ethereum usage increases relative to Bitcoin. The NFT boom in 2020-2021 and stablecoins in 2025 have both been important catalysts for Ethereum application growth.

Tom Lee believes that in the next cycle, Wall Street's tokenization of assets and deployment on blockchain, as well as Agentic AI's use of blockchain, could further push the ETH/BTC ratio higher. Entering the final months of 2026, the crypto market faces several positive catalysts, including the expected vote on the CLARITY Act in mid-September, Korean investors re-entering crypto and shifting from AI stocks to the crypto market, and what he believes will be a "four-year cycle" bottoming out in the coming weeks. These factors could pave the way for large-scale institutional capital inflows in the final months of 2026.

Tom Lee also noted that since Q3 2026, ETH has been the best-performing macro asset, outperforming the S&P 500 by 5,430 basis points as of last Friday; the three best-performing assets since June 30 are ETH, BTC, and SOL. He believes that crypto's significant outperformance relative to other macro assets so far in Q3 could further attract institutions to increase their crypto allocations. (PRNewswire)