Tom Lee Cites Three Possible Drivers of Crypto Selling Pressure

BitMine Chairman Tom Lee tied crypto’s recent selling pressure to AI and chip stock losses, investors raising cash for potential Anthropic IPO purchases and account holders converting assets released after a $6.3 billion hack.

Lee wrote Saturday that losses in artificial intelligence and semiconductor shares, especially Nvidia, had triggered margin calls. He said investors may also have been selling assets to prepare for possible participation in Anthropic’s IPO.

Lee also pointed to funds from the hack being released to account holders; some holders were converting their assets to cash or stablecoins, he said. Comments during Anthropic’s roadshow about AI disrupting industries and scrutiny by the U.S. Department of Justice (DOJ) of chip sales to Asia and China also added to risk concerns, Lee said.

The remarks expand on Lee’s Friday view that crypto and chip stocks had retreated to support levels, with a favorable risk-reward setup if fundamentals remained stable; his earlier assessment of the pullback covered that view.

Lee reiterated his view that crypto was approaching a cycle larger than previous ones, with blockchain serving as a settlement layer and digital assets reshaping capital markets. He called Ether (ETH) the future of finance.