The ETH/BTC pair, which has long been in a bearish trend phase, is showing signs of a decisive reversal. The market, it seems, is beginning to price in fundamentally new demand factors that could radically change the balance of power between the two leading crypto assets.
At the center of attention are two key drivers that, in my assessment, could give ether significant superiority over bitcoin in the medium term. These are the tokenization of real-world assets and the rapid proliferation of AI agents, which are increasingly using the Ethereum blockchain to automate transactions without human involvement.
Breakthrough of multi-year resistance
The technical picture looks telling. The ETH/BTC ratio has risen to 0.02994, marking a breakout from the descending channel that has dominated the chart for several years. Historically, such breakouts in the pair have preceded powerful bull rallies. In 2017–2018, ICOs set the pace, then NFTs took up the baton, and in 2025, stablecoins and infrastructure for autonomous agents appear to be the main catalyst.
We are now witnessing the market reassessing Ethereum's potential not just as "digital silver," but as the foundational settlement layer for a new wave of decentralized applications. This is precisely the narrative shift that could ensure a sustained inflow of capital into ETH.
Shift in priorities among major players
The dynamics of actions by large corporate holders are also indicative. For example, BitMine, which holds an impressive stake of 5.815 million ETH (about 4.8% of the total supply of 120.7 million), has sharply reduced its pace of purchases. Over the past week, the balance increase was only 9,926 ETH, compared to an average weekly figure of 59,998 ETH over the previous 43 weeks. At the same time, the company's total reserves in cryptocurrency and fiat are estimated at $11.4 billion, including 210 BTC.
Simultaneously, BitMine has directed capital toward share buybacks: 1.7 million shares in a week and 20.8 million since the beginning of July—the largest figure among public crypto companies. This signals that management considers its shares undervalued relative to the future growth of the Ethereum ecosystem, which indirectly confirms long-term confidence in the asset.
My conclusion: the combination of a technical breakout and a shift in corporate strategy creates favorable ground for ether's outperforming growth. However, one should not forget about volatility: if AI agents and tokenization do not achieve the expected scaling, the pair could quickly return to previous ranges. I am monitoring developments.