Tom Lee (Fundstrat) believes that the upward momentum of gold and silver is 'sucking' in capital, causing Bitcoin and Ethereum to temporarily not reflect the underlying fundamentals accurately, but prices may rise to compensate when precious metals cool down.
After the drop on 10/10, the bullish sentiment in the cryptocurrency market has not clearly recovered, while gold and silver have reached new highs. In this context, staking data and Ethereum's network activity have emerged as bright spots, even though the price remains sideways.
MAIN CONTENT
Bitcoin weakens and diverges from gold after a period of reduced leverage, while precious metals attract capital.
BitMine has staked over 2.2 million ETH, accounting for approximately 52% of the total ETH held.
The liquidity zones of $2,980 and $2,850 are seen as key levels to watch for ETH ahead of the Fed's interest rate decision.
Gold and silver are overshadowing the upward momentum of crypto.
Tom Lee notes that the rise of gold and silver reduces the level of interest (FOMO) in Bitcoin and Ethereum, causing crypto prices to lag behind fundamental factors.
Since the crash on 10/10, the cryptocurrency market has not seen a sufficiently strong 'bullish' wave. Bitcoin has also been described as having diverged from gold after the leverage reduction event and has performed worse than gold in 2025 and early 2026.
During the same period, gold and silver recorded new highs of over $5,000 and $110, respectively. In contrast, Bitcoin fell to $86,000 and could retest the recent low of $80,600 if the weakness continues.
With Ethereum, the price continues to move sideways in the range of $2,800–$3,200 since November and has returned to test $2,800 after Bitcoin's recent decline.
In the comments about the market's 'sluggish' state, Tom Lee mentioned that the most recent 'liquidation cascade' along with the strong rise of precious metals are two factors that have reduced the price momentum of crypto.
‘The rise of precious metals has 'attracted' a lot of attention. Therefore, crypto prices do not keep up with the underlying factors. But when the fundamentals go in the right direction, prices will follow.’
– Tom Lee, Founder & Head of Research at Fundstrat (quoted from the video)
Tom Lee, also the chairman of Bitmine Immersion (described as the largest ETH treasury company in the world), believes that as long as gold and silver continue to rise, investors will prioritize these assets over Bitcoin.
‘As long as gold and silver continue to rise, there will be FOMO to buy those instead of BTC. But when gold and silver take a break, that will lead to Bitcoin and Ethereum rising sharply afterward.’
– Tom Lee, Founder & Head of Research at Fundstrat (quoted from the video)
BitMine has staked over half of its ETH holdings.
BitMine has staked over 2.2 million ETH, equivalent to approximately 52% of the total ETH the company holds, after continuing to buy and stake more recently.
According to the original content, BitMine has staked over half of its holdings of over 4 million ETH. In recent hours, the company has purchased an additional 20,000 ETH and staked another $610 million worth of ETH (209,540 ETH).
This move brings BitMine's total staked ETH to over 2.2 million ETH, valued at approximately $6.5 billion, corresponding to 52% of the total holdings described in the article.
Another noteworthy point is that the demand for staking ETH has reached a record level after exceeding 30% of the total ETH supply. This situation arises as many Crypto ETF ETH spots in the U.S. are said to be preparing to seek yield on their holdings.
In addition to staking, other fundamental factors mentioned include daily transaction numbers reaching new highs and average transfer costs on the network dropping to relatively low levels, thereby increasing the network's competitiveness.
ETH's price may continue to move sideways in the short term.
In the short term, ETH still risks fluctuating according to 'liquidity sweeps', with the levels of $2,980 and $2,850 seen as areas to watch ahead of the Fed's interest rate decision.
Even though ETH's price is 'struggling' compared to fundamental signals, Tom Lee believes that ETH will eventually catch up to those fundamentals.
According to the liquidation map (weekly liquidation map) mentioned, two key levels ahead of the Fed's interest rate decision are $2,980 and $2,850. These levels are respectively described as the main 'liquidity pools' for leveraged short positions and leveraged long positions.
In many cases, price movements due to 'liquidity grabs' often pull price action towards key liquidity zones, causing prices to be pulled towards these levels before establishing a clearer direction.
Frequently Asked Questions
Why haven't Bitcoin and Ethereum surged despite positive fundamental signals?
According to Tom Lee, the rise of gold and silver is attracting attention and capital, reducing FOMO with crypto. Therefore, prices may temporarily not reflect the underlying fundamentals.
How much ETH is BitMine staking and what is the ratio of total holdings?
BitMine is described as having staked over 2.2 million ETH, worth approximately $6.5 billion, equivalent to 52% of the total ETH the company holds.
What ETH price levels are considered important ahead of the Fed's interest rate decision?
The levels mentioned are $2,980 and $2,850, as these are notable liquidity zones for leveraged positions (short and long).
Source: https://tintucbitcoin.com/tom-lee-crypto-tang-khi-vang-ha-nhiet/
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