Key signal for the market: the ETH/BTC ratio has finally exited its multi-year downtrend. This is not just a technical detail, but a fundamental shift in the valuation of the two leading crypto assets. The focus is on the tokenization of real-world assets and the rapid growth of AI agents, which are beginning to dominate the blockchain economy.
In my latest analysis of public crypto companies' reserves, I highlighted BitMine's metrics. The company, which holds a significant ETH position, recorded an important moment: the ETH/BTC pair reached 0.02994 and continues its steady rise. This is a breakout from the long-term downtrend that had constrained ether for several years.
Historically, each bullish cycle in the crypto market has had its own driver for ETH's growth relative to BTC. In 2017–2018, ICO projects played that role, later followed by the boom in non-fungible tokens (NFTs). Now, in 2025, stablecoins and, more importantly, the tokenization of real-world assets (RWA) have taken up the baton. Plus, there is the avalanche-like spread of AI agents that execute transactions without human involvement. In my view, it is these two factors that are shaping new demand for ether.
The market is beginning to price in the potential of these sectors, and Ethereum, as the foundational platform for smart contracts, finds itself at the epicenter. This is not just a speculative story, but a structural change.
BitMine's shift in priorities: from ETH purchases to share buybacks
At the same time, BitMine's reserve data shows an intriguing dynamic. The company still holds over 5.815 million ETH — about 4.8% of the total supply of 120.7 million coins. The value of the position approaches $11 billion with ether priced at around $1902. The company's total crypto and fiat reserves reached $11.4 billion, including 210 BTC.
However, the pace of purchases has slowed sharply. Over the past week, BitMine added only 9,926 ETH to its balance, whereas the average weekly volume over 43 weeks was 59,998 ETH. The last five weeks are the only period since late October when weekly purchases did not exceed 11,000 ETH. For comparison, in December the volume reached as high as 138,452 ETH.
Instead of increasing its ether holdings, the company directed capital toward share buybacks. Over the week, 1.7 million shares were repurchased, and since July 1, the total buyback volume has reached 20.8 million — the largest case among all public crypto companies.
My conclusion: The reduction in ETH purchases by a major player is not a bearish signal, but rather a tactical pause. The company is optimizing its capital structure, but the strategic bet on ether remains unchanged. The breakout of the downtrend in the ETH/BTC pair, combined with growing real network usage, is an argument that in the coming months we may see ether significantly outperform bitcoin. Investors should closely monitor the development of the RWA sector and AI agents — these niches will be the main beneficiaries of the new cycle.