Tom Lee sees gold as strong and Bitcoin stuck in the short term.

• Gold rises with weak dollar, says Tom Lee.
• Bitcoin lags behind despite favorable macroeconomic environment.
• Flows may migrate from gold to cryptocurrencies later.

The recent gold rally has garnered more attention than Bitcoin's performance, and strategist Tom Lee of BitMine attributes this movement primarily to the weakness of the US dollar. In an interview with CNBC, he assessed that the combination of strong global demand and price momentum has helped precious metals stand out in 2025.

According to Lee, the pressure on the dollar is occurring amidst improving global growth and the Federal Reserve's cautious stance regarding interest rate cuts. This environment tends to favor assets considered stores of value, such as gold, which has directly benefited from this flow.

He further highlighted that, in some regions, the demand for metals has been particularly intense. In China, for example, certain silver ETFs are reportedly trading at a premium, reflecting the high interest of local investors in protection and diversification.

"I think it's really impressive, but it could just be a strong push in prices."

Meanwhile, the cryptocurrency market did not follow the same upward trend. Even with macroeconomic factors that could benefit Bitcoin, such as geopolitical uncertainties and currency movements, crypto prices remained under pressure.

Lee noted that the sector is still feeling the effects of previous downturns and episodes that led investors to repeatedly reduce their exposure to risk. This behavior has kept confidence lower and hindered a more consistent recovery.

In his view, although Bitcoin is often seen as an alternative to gold, the flow of capital usually follows a sequence. First, investors seek protection in precious metals and only then might some of that money migrate to cryptocurrencies.

The strategist cited previous cycles in which the weakening of gold coincided with periods of strong Bitcoin appreciation. Similar movements were observed in past years, when corrections in the metal opened up space for greater appetite for digital assets.

Recently, gold reportedly retreated after reaching new highs, a movement that some market participants are closely monitoring. This type of adjustment is often interpreted as a possible sign of a shift in the direction of investment flows between gold and cryptocurrencies.