BitMine chairman Tom Lee links AI selloff and Anthropic IPO to crypto pressure
Crypto's recent slump may be driven by factors beyond the digital asset market itself, according to BitMine chairman Tom Lee.
Crypto's recent slump may be driven by factors beyond the digital asset market itself, according to BitMine chairman Tom Lee. He identifies three liquidity events that may be adding selling pressure to cryptocurrencies: margin calls from falling AI and semiconductor stocks, investors raising cash ahead of Anthropic's IPO, and returned funds from a Binance hack.
Multiple pressure points
The first factor is the AI trade decline, which has reportedly triggered margin calls for leveraged investors.
The second pressure point comes from Anthropic's upcoming IPO scheduled for November 19, 2026. Lee suggests investors may be freeing up capital in anticipation of retail allocations for the AI company's listing.
The third factor involves the movement of funds returned after a late October 2026 Binance hack, with approximately $6.3 billion reportedly being restored or made available. Lee counts this among the forces adding to selling pressure.
Regional impact
Lee characterizes the combined effect as a short-term 'liquidity squeeze' that has fallen mainly on retail investors, with the US, South Korea and Taiwan feeling the impact most significantly.
BitMine's strategy
Despite the market pressure, BitMine has continued accumulating Ethereum, now holding approximately 6.06 to 6.07 million ETH—about 4.9 to 4.97% of the total supply. With the firm approaching its self-imposed 5% cap, it plans to resume share buybacks.
Bullish outlook
Despite short-term pressures, Lee maintains a bullish long-term view on Ethereum, describing the current market as a 'coiled spring' compressed by temporary forces. He argues crypto has shown more resilience than AI stocks during recent turbulence.
Lee's optimism stems from what he calls a 'supercycle' driven by tokenization of real-world assets and AI integration. The timeline for Anthropic's IPO may bring some relief once the listing occurs and allocations are settled, though the movement of returned Binance hack funds remains a variable.
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