Tom Lee: The “Golden Whirlwind” is to blame for the broadcast decline., 2026/02/03 10:09:26

Co-founder of Fundstrat Global Advisors and chairman of BitMine Immersion Technologies, Tom Lee, has linked the decline in Ethereum’s price to a significant surge in precious metal prices, referring to this phenomenon as the “golden whirlwind.”

According to Tom Lee, the correction in Ethereum should not be viewed as a sign of weakness but rather as an opportunity. He stated that the pressure on the price was caused by external factors, including a reduction in the use of borrowed funds and a reallocation of capital towards safe-haven assets. 

“The price drop occurred alongside an increase in network activity, which is atypical for a deep correction. On January 15, the daily number of transactions on the Ethereum network reached a record 2.8 million, while the number of active addresses hit a new high of 1 million per day. During the crypto winter of 2022, both metrics declined, whereas in the past 12 months, the trend has been upward. This indicates that the price weakness is not fundamentally driven,” Lee explained.

Another factor contributing to the pressure on the second-largest cryptocurrency’s prices, according to Lee, is the lack of recovery in leverage following the sharp market downturn in October, as well as a cautious stance among investors. As financing conditions normalize (with cheaper loans) and interest in risk returns, Ethereum may respond more swiftly than other assets to a recovery in market appetite, the entrepreneur suggested.

Previously, Tom Lee indicated that a correction in the crypto market of approximately 15-20% could occur in the first half of the year, with recovery expected to begin only towards the end of the year.