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.