Capital rotation between asset classes can distort short-term price signals without altering longer-term trends. Fundstrat Global Advisors managing partner and head of research Tom Lee examined that dynamic on CNBC on Jan. 26, outlining how strong demand for gold and silver can temporarily weigh on cryptocurrency performance.

“I think part of it is mechanical like you know when gold and silver rise, and let’s say folks are using margin or options, then they’re using capacity that could be used to buy other risk assets whether it’s Mag 7 or cryptocurrencies,” Lee detailed. “But because crypto inherently has deleveraged, then that’s going to be felt more in the crypto space.” He described how investor balance sheets become constrained as leverage is allocated toward precious metals, limiting exposure elsewhere. The Fundstrat head of research added:

“As long as gold and silver are rising then there’s a FOMO into buying that instead of crypto.”

Lee further explained that cryptocurrencies would typically benefit from a weaker dollar and an easing Federal Reserve, but the sector lacks a leverage-driven tailwind because the industry has already deleveraged, muting short-term upside despite otherwise supportive macroeconomic conditions.

Read more: Tom Lee Doubles Down on $250,000 Bitcoin Price Target for 2026

Commenting on the rotation into precious metals, Lee characterized strong gold and silver performance as a leading signal rather than a negative for crypto markets, pointing to recurring patterns seen across prior market cycles. He stated:

“When gold and silver take a break, then and in the past, that would lead to a bitcoin and ethereum surge afterwards.”

He outlined how bitcoin and ethereum have historically lagged during periods when capital concentrates in precious metals, only to accelerate once those trades lose momentum. He portrayed the current divergence as consistent with earlier cycles, where liquidity, leverage, and investor sentiment gradually realign. As precious metals trades become crowded, Lee characterized the setup as one that has historically preceded renewed strength in crypto markets rather than signaling a breakdown in underlying demand.

• Why can rising gold and silver prices pressure crypto in the short term?
  Capital and leverage shift toward precious metals, limiting balance sheet capacity for cryptocurrencies.
• What role does deleveraging play in crypto market performance?
  A deleveraged crypto industry reduces short-term upside even when macro conditions appear supportive.
• How does Tom Lee view gold and silver strength relative to bitcoin and ethereum?
  He sees metals strength as a leading indicator that often precedes crypto surges.
• What historical pattern does Lee highlight between metals and crypto?
  Bitcoin and ethereum typically lag early, then rally sharply once gold and silver momentum fades.

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