What to know : Fundstrat's Thomas Lee urged investors to view the sell-off as a buying opportunity, arguing that gold has likely peaked for the year and that bitcoin and ether are poised to outperform Lee sees ether possibly needing a brief dip below $1,800 before a sustained recovery. Bitcoin fell back below $67,000 on Wednesday, extending a pullback from last week's rebound and marking a roughly 50 percent drawdown from its October record highs.
HONG KONG — Thomas Lee, chief investment officer of Fundstrat and chairman of ether treasury firm BitMine Immersion (BMNR), said that investors should focus less on timing the exact low and start looking for entries in a keynote speech at Consensus Hong Kong 2026 on Wednesday.
"You should be thinking about opportunities here instead of selling," Lee said.
BTC has suffered a 50% drawdown from its October record highs, its worst correction since 2022.
On Wednesday, bitcoin fell back below $67,000, giving up some of the bounce from last week's crash lows. After managing a rapid reversal above $72,000 from $60,000 over the weekend, BTC was down 2.8% over the past 24 hours. Ethereum's ether , meanwhile, slipped to $1,950, also around 3% lower.
'Perfected bottom'
Lee attributed the recent weakness in crypto prices to the volatility in metals, which rippled across asset classes. Late January, gold's market capitalization fluctuated by trillions of dollars in a single day, triggering margin calls and weighing on risk assets.
After bitcoin severely underperformed gold in 2025, he argued that the yellow metal likely has topped for this year and bitcoin is poised to outperform through 2026.
On ether , Lee said repeated 50% drawdowns since 2018 have often been followed by sharp rebounds.
Citing market technician Tom DeMark, he said ETH may need to briefly dip below $1,800 to form a "perfected bottom" before a more sustained recovery.
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