Key Takeaways
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Benjamin Cowen rejects the idea of a metals-to-crypto rotation.
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Tom Lee remains bullish on Bitcoin and Ethereum price.
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Bitcoin’s price continues to face near-term headwinds.
Famed crypto analyst Benjamin Cowen caused shockwaves through the industry on Wednesday by dismissing the idea of a rotation from metals into digital assets.
Cowen’s comments push back against a growing narrative among market bulls that the immense gains in gold and silver could soon spill over into Bitcoin and Ethereum.
In a post on X, Cowen said investors should not expect capital to rotate from precious metals into crypto, drawing parallels with past market behavior.
“There was no rotation from BTC to ALTs,” Cowen wrote.
His remarks come as gold and silver continue to post outsized gains.
Peter Schiff, a long-time critic of Bitcoin, said the crypto’s strongest price occurred before it attracted widespread institutional interest.
In a post on X, Schiff said Bitcoin delivered its outsized returns during a period when ownership was limited, but has struggled since being embraced by Wall Street and retail investors alike.
“Bitcoin was the best performing asset during a time period when hardly anyone owned it,” Schiff wrote.
“But ever since Wall Street embraced it and most people bought it, it’s been one of the worst-performing assets.”
Schiff also criticized Bitcoin’s performance against gold, noting that the crypto has significantly underperformed the precious metal since its November 2021 peak.
“Since its peak in November 2021 Bitcoin is now down over 50% priced in gold. Let that sink in,” he said.
Cowen’s skepticism contrasts with a more optimistic view from Fundstrat’s Tom Lee, who said the sharp rally in precious metals may be obscuring improving structural trends in major cryptocurrencies.
In a post on X on Monday, Lee said gold and silver’s “parabolic” surge was drawing attention away from what he described as strengthening fundamentals in Bitcoin and Ethereum.
“The parabolic and continued surge in gold and silver is overshadowing inherently strengthening fundamentals of crypto, particularly Ethereum and Bitcoin,” Lee said.
Lee added that financial institutions are increasingly positioning Ethereum as a core settlement and tokenization layer.
“When fundamentals go ‘up and to the right,’ it’s only a matter of time before price follows,” Lee said.
Despite Bitcoin and Ethereum trading well below their all-time highs, Lee has maintained long-term bullish forecasts.
The analyst recently predicted Bitcoin could eventually rise to $1 million or more. He believes this move would help propel Ethereum toward $250,000.
Bitcoin’s price continues to face structural and macro risks in the near term, according to CCN analyst Victor Olanrewaju.
He said market positioning remains fragile. This comes ahead of the U.S. Federal Reserve’s two-day policy meeting.
“That matters because fragile positioning turns small shocks into big candles,” he wrote in a recent report.
Olanrewaju added that lingering geopolitical stress could quickly revive demand for safe-haven assets.
“For Bitcoin, the wick reinforces one thing: support exists lower, but resistance still matters higher,” he said.
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