   
Fundstrat’s Tom Lee says cryptocurrency prices have been disappointing in recent weeks, with digital assets out of line with a range of historical bullish drivers. Tom Lee notes that the lackluster prices are still linked to the October 10 megacrash that wiped out nearly $20 billion from the crypto market.
One big disappointment, says Tom Lee
As crypto prices plummet, market analyst Tom Lee has described the asset class as “a huge disappointment CNBC interviewLee noted that cryptocurrencies did not respond positively to the tailwinds that pushed precious metals such as silver and gold to rise.
For the analyst, the currency drop, geopolitical uncertainty and central bank easing created favorable conditions for a cryptocurrency price appreciation towards the end of the year. While gold and silver reached new all-time highs, the prices of Bitcoin (BTC) and Ethereum (ETH) fell.
He added that a significant number of cryptocurrency traders are putting aside their crypto holdings to buy precious metals. Lee described the trend as an anomaly, noting that a rebound in precious metals has historically meant an imminent price rise for crypto.
In an attempt to rationalize the poor performance of cryptocurrencies, Lee revealed that the asset class is still recovering from the October 10 market crash. At the time, up to $20 billion was wiped from the cryptocurrency market in an event dubbed the largest single-day liquidation event
 “I think crypto has suffered and still hasn’t recovered from the Oct. 10 deleveraging,” Lee said.
Despite the negative sentiment following the October 10 event, Lee noted that cryptocurrencies were making clear efforts to stage a strong recovery in early 2026. However, the market analyst noted that prices plummeted after the Trump-Greenland saga, dampening investor sentiment.
Crypto prices fall in February
Cryptocurrency prices are experiencing a downturn early February. Bitcoin, the largest cryptocurrency, fell below $70,000, with several analysts predicting a steep drop below $50,000.
Meanwhile, the Ethereum price is in danger of falling below $1,500, while BNB and XRP have lost more than 10% of their market capitalization in 24 hours. Amid the decline, crypto analyst Benjamin Cowen warned that crypto prices will continue to decline in the near term, dampening enthusiasm for a recovery.
At the time of writing, the global crypto market capitalization fell below $2.3 trillion for the first time since 2024 as daily trading volumes declined.
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