Tom Lee points out that the lack of leverage and the "siphoning effect" of gold are the main reasons for Ethereum (ETH) plunging 21%

According to a report by Bijie Network: Bijie Network reports that Tom Lee, Head of Research at Fundstrat, stated that the recent decline in Ethereum should be seen as "quite attractive," as its fundamentals remain strong. The price weakness is mainly due to a lack of market leverage and capital flowing into precious metals. He pointed out that Ethereum's daily transaction volume reached a record high of 2.8 million on January 15, and the number of active addresses also increased significantly. BitMine, which he manages, increased its holdings by 41,788 ETH in the past week, viewing the pullback as a configuration opportunity. Currently, BitMine holds 4.28 million ETH, accounting for 3.55% of the total network supply.