Can I re-use the same seed phrase for different assets?

Say I just generated a wallet for ETH. The seed phrase for that wallet was generated using BIP39 standard.

Can I re-use the same seed phrase for other assets? Say BTC.

If so, can I also add different passphrase (the 25th word) for those different assets? Like

– ETH: <24 words seed phrase> iloveeth123

– BTC: <same exact 24 words seed phrase above> ilovebtc456

Any red flags?