Ethereum Beats Nasdaq 100 and Bitcoin in July, Tom Lee Eyes August

Ethereum had a strong July. New data shared by Fundstrat's Tom Lee shows ETH outpaced both the Nasdaq 100 and Bitcoin last month, and he says a pattern from earlier this year could hint at what comes next for Bitmine Immersion Technologies (BMNR), the largest corporate holder of ETH.

Here is what the numbers show, and what Lee is watching for heading into August and September.

How Did ETH Perform Against the Nasdaq 100 in July 2026?

Bitmine's official account posted that $ETH beat the Nasdaq 100 by 2,500 basis points, or 25 percentage points, in July. The post called it the largest monthly outperformance since July 2025.

A chart shared alongside the post tracked ETH's monthly performance against the QQQ index over the past year.

Several earlier months showed strong positive swings too, with readings as high as 51, 15, and 12 percentage points above the Nasdaq 100. July's 25-point gap stood out as the widest since the same month a year earlier.

Bitmine framed the move as a sign of strengthening fundamentals across crypto, though the post was cut off before giving a full year-over-year comparison.

How Did ETH Perform Against Bitcoin in July 2026?

Tom Lee separately pointed out that Ethereum outperformed Bitcoin by 1,100 basis points, or about 11 percentage points, in July 2026. He noted this marks the third time $ETH has beaten Bitcoin in a given month since 2025.

What Is Tom Lee's BMNR Pattern for August?

Here is the stat Lee highlighted. In all three prior months when Ethereum beat Bitcoin, BMNR shares went on to outperform $ETH over the following two months, a perfect track record so far.

With July 2026 now marking a fourth instance, Lee posed an open question: what happens to BMNR in August and September?

He did not name a specific price target, and a three-for-three streak is still a small sample size. Past patterns, even strong ones, do not guarantee what happens next.

How Much Ethereum Does Bitmine Hold Right Now?

The BMNR pattern matters because of the size of Bitmine's position. The company holds roughly 5.8 million coins, worth close to $10.9 billion, making it the largest corporate Ethereum treasury tracked today.

More than 85% of that stack is staked rather than sitting idle, which ties BMNR's stock performance closely to what Ethereum does next.

Ethereum vs Nasdaq 100: Monthly Outperformance

ETH vs BTC and the BMNR Follow-Through

Three straight outperformance cycles is a notable pattern, but it is still a small dataset. Whether Bitmine Immersion Technologies Inc. repeats the move in August and September depends on ETH's own price action, broader market conditions, and company-specific news, not just historical odds.

Disclaimer

This article is for informational purposes only and should not be treated as financial advice. Past performance does not guarantee future results. Always do your own research and speak with a licensed financial advisor before making investment decisions.