Tom Lee Says Ethereum’s Next Tailwind Could Be Bigger Than the ICO and NFT Booms

Tom Lee says Ethereum could be entering a much larger adoption cycle than the ICO and NFT booms that previously drove $ETH.
His thesis centers on tokenization and agentic AI.
Lee argues that the next few years could bring significantly more activity onto Ethereum as traditional financial assets move on-chain and AI agents increasingly use blockchain infrastructure.
That is why he expects the ETH/BTC ratio to make a “sizable move higher.”
The ratio has already climbed above its multi-year downtrend, which Lee views as an early signal that the market is beginning to recognize those new demand drivers.
If the thesis plays out, the next Ethereum cycle may not be driven primarily by speculation around ICOs or NFTs.
It could be driven by Wall Street tokenization and machine-to-machine economic activity.