Tom Lee says current crypto downturn is a buying opportunity

The current downturn in the cryptocurrency market should be seen as a buying opportunity, according to Tom Lee, chairman of Bitmine (BMNR). CoinDesk reports that during his keynote address at Consensus Hong Kong 2026, Lee stated that now is not the time to sell crypto but to look for opportunities. He attributed the recent weakness in crypto to volatility in the price of gold. Lee explained that late last month, gold's market capitalization fluctuated by trillions of dollars in a single day, triggering margin calls that put pressure on risk assets across the board. He added that gold has likely already peaked. Regarding Ethereum (ETH), Lee noted that since 2018, corrections of more than 50% have often been followed by strong rebounds. He predicted that ETH will bottom out after a temporary dip below $1,800 before beginning a full-fledged rally.