Tom Lee, head of BitMine, says that the current weakness in Bitcoin and Ethereum is driven by the surge in gold and silver prices, but he insists the decline is temporary. In his view, the crypto market is still feeling the aftereffects of the large October crash, when many exchanges and market makers were forced to cut risk, putting pressure on liquidity and market quotes.

Tom Lee pointed to several positive shifts. First, traditional finance, tokenization, and blockchain are increasingly seen as a single promising direction. Second, cryptocurrencies are rising without heavy use of leverage, which makes moves slower but more sustainable. In addition, a weaker dollar and expectations for a dovish Federal Reserve create a favorable backdrop for both assets.

The current liquidity outflow from crypto is explained by a FOMO effect — investors fear missing out on gains in precious metals. However, Lee is confident the situation will change soon. Historically, pauses in gold and silver rallies have often triggered powerful surges in Bitcoin and Ethereum. Lee previously forecast that if Bitcoin reaches $250,000, Ether could approach $12,000. The analyst expects the crypto market to recover in the first half of 2026, viewing the current weakness as a temporary phase before a new bullish wave.