Fundstrat’s Tom Lee has pointed to a rising ETH/BTC ratio as a signal that market participants are pricing in improved Ethereum fundamentals, framing the relative strength of Ether against Bitcoin as a forward-looking indicator rather than a simple price move. The ETH/BTC ratio tracks how many Bitcoin one Ether is worth. When the ratio rises, Ethereum is outperforming Bitcoin in relative terms, regardless of whether both assets are moving up or down in dollar value. For related coverage, see Ethereum sees stake build as BitMine holds 3.04M staked ETH.