Tom Lee’s Ethereum conviction heading into Q3 is starting to look like a well-timed move.
For context, BitMine Immersion recently added an additional 42,197 $ETHthe number of shares held reached over 5.74 million $ETH.
Meanwhile, Michael Saylor’s Strategy sold 3,588 copies. $BTCan interesting setting $ETH versus $BTC As the third quarter begins, Treasury discussions will begin.
It’s worth noting that this debate isn’t just playing out on social media.
As the graph below shows, $ETH/$BTC The ratio started the third quarter up nearly 5% after three consecutive quarters of losses. it suggests $ETH begins to regain strength relative to $BTCsupported Tom Lee’s decision to continue accumulating Ethereum.
But Tom Lee’s beliefs aren’t just based on hope.
In a recent post about X, BitMine said that improving CLARITY Act odds are the main reason for its growth. $ETH position.
Prediction markets currently put the probability that the CLARITY Act will pass at about 50%, the highest level in two weeks, the company said. BitMine argues that regulatory clarity will be a major catalyst for Ethereum as smart contract platforms become more integrated into everyday finance.
Therefore, from a BitMine perspective, the recent $ETH/$BTC This ratio simply reflects that the market makes it more likely that the CLARITY Act will pass.
The bigger question now, of course, is whether there is a need for further price revisions. can $ETH Continue to deliver superior performance $BTC Throughout the remainder of Q3, or BMNR’s bullish Ethereum ($ETH) Is the paper ahead of the basics?
As Bitcoin regains momentum, can Ethereum gain the upper hand?
with bitmine $ETH The accumulation is built around Ethereum’s long-term DeFi story.
However, on-chain data suggests that the story has not yet fully unfolded.
According to DeFiLlama, Ethereum DeFi activity remains well below its all-time highs. Total value locked (TVL) remains below $40 billion compared to around $89-90 billion before the October correction.
At the same time, Ethereum began the third quarter with stablecoin supply down by more than $5 billion from around $160 billion at the end of June.
In other words, the market is pricing in the CLARITY Act before Ethereum’s on-chain fundamentals catch up.
Adding to the challenge, BlackRock resumed buying Bitcoin, posting net inflows of over $209 million after 11 consecutive days of selling. This movement is $BTC at some point $ETHon-chain fundamentals are still lagging behind.
Against this background, Tom Lee’s $ETH The paper is likely to become increasingly ambitious.
Despite strategic sales $BTCBitcoin continues to hold around $64,000, suggesting that BlackRock’s buying is sufficient to absorb supply. So what remains is $ETH versus $BTC Treasury discussions remain a delicate balance, with Ethereum supported by policy optimism while Bitcoin continues to benefit from strong institutional demand.
As a result, the advantage remains tilted towards Bitcoin.
$ETH/$BTC Although there is a rebound in response to CLARITY’s “expectations,” Ethereum’s on-chain activity has not followed suit. Meanwhile, Bitcoin is seeing an influx of new institutional investors. Unless Ethereum DeFi indicators start to recover. $ETH/$BTC‘s momentum in the first half of the third quarter may be difficult.
Final summary
- $ETH/$BTC is rallying around the optimism of the CLARITY Act, but Ethereum’s DeFi activity has yet to catch up.
- Acquired by BlackRock $BTC Once again, it gives strong support to Bitcoin and makes it difficult to use Bitcoin. $ETH/$BTC Outperformance will continue in the third quarter.
