The cryptocurrency market is on the verge of a landmark shift. The long-term downtrend in the ETH/BTC pair, which has held ether back over recent cycles, has finally been broken. This is not just a technical detail, but a signal that investors are beginning to reassess Ethereum's fundamental value, pricing in future demand for real-world asset tokenization and the rapid proliferation of AI agents.
ETH/BTC breakout: what it means
The ETH/BTC pair is a barometer of market sentiment. When it rises, capital flows from bitcoin into ether; when it falls, the leading cryptocurrency dominates. In past bull cycles, this indicator set the tone for the entire altcoin market. In 2017–2018, growth was fueled by ICOs, then NFTs took over the baton, and in 2025, stablecoins and infrastructure for automated transactions are becoming the main drivers.
We are now witnessing an exit from a prolonged descending channel. The value of 0.02994 is just the beginning. The market appears to be starting to assess Ethereum's potential not as "just an altcoin," but as a platform for tokenization and hosting AI agents—programs that execute transactions without human involvement. This is a fundamentally new level of demand that could radically change the balance of power.
BitMine strategy: a pause in purchases or a shift in priorities
The dynamics of major players' reserves are also telling. BitMine, one of the notable holders of ether, owns more than 5.8 million ETH (about 4.8% of the total supply of 120.7 million). The value of the package approaches $11 billion with ETH priced at around $1902, and the company's total crypto and fiat reserves have reached $11.4 billion, including 210 BTC.
However, the pace of purchases has slowed sharply. Last week, the company added only 9,926 ETH to its balance, while the average weekly volume over 43 weeks was nearly 60,000 ETH. The last five weeks are the only stretch since late October when purchases did not exceed 11,000 ETH. For comparison: in December, volumes reached up to 138,452 ETH. To raise its share to 5%, BitMine would need to buy about another 220,000 ETH—at December's pace, that would take less than a month.
But capital has flowed in another direction. Over the week, the company bought back 1.7 million of its own shares, and since July 1, the buyback has reached 20.8 million shares—the largest case among public crypto companies. This strategy suggests that management considers its shares undervalued relative to future growth, which indirectly confirms confidence in ether's long-term prospects.
My view: The turning point in ETH/BTC has been brewing for a long time, and now we have two solid confirmations—a technical breakout and a shift in corporate priorities. If tokenization and AI agents truly become mainstream, Ethereum could not just catch up with bitcoin but set a new pace for the entire market. However, volatility should not be underestimated: a trend breakout is only the first step, and for sustainable growth, ether will need to hold above key levels.