TLDR
- Tom Lee says retail investors may be selling crypto to raise cash for Anthropic’s Nasdaq debut.
- He also points to margin calls from falling AI and chip stocks.
- Returned funds tied to a reported $6.3 billion Binance hack are a third factor.
- Bitmine Immersion holds about 6.06 million ETH, close to its 5% supply cap.
- Anthropic’s IPO is scheduled for November 19, 2026.
Tom Lee said on Saturday that crypto’s recent slump may have causes outside the crypto market. In a post on X, he listed several possible reasons for the selling. He called them “potentially” behind the weakness.
Tom Lee: AI Stock Selloff, Anthropic IPO, and Post-Hack Fund Returns May Fuel Crypto Selling Pressure
BitMine Chairman Tom Lee said recent crypto selling pressure may stem from margin calls triggered by the AI and semiconductor stock selloff, investors selling equities and… pic.twitter.com/dY1FdFheQB
— Wu Blockchain (@WuBlockchain) November 15, 2026
Lee is chairman of Bitmine Immersion, the largest corporate holder of Ethereum. He said crypto has been under “intense selling pressure the last few weeks.” He said this came even though fundamentals have been “mostly positive.”
The Three Cash Drains
The first factor is the selloff in AI and chip stocks, led by Nvidia. Lee said the drop set off margin calls. A margin call is a demand from a broker to add cash when a position falls too far.
He said these calls hit mostly retail traders in Asia. Reports also named the US, South Korea and Taiwan as markets feeling the squeeze. Lee described the effect as a short-term liquidity squeeze.
Crypto trades around the clock and settles fast. That can make it one of the easiest assets to sell when an investor needs cash.
The second factor is Anthropic’s initial public offering, set for November 19, 2026. Lee said much of the offering is expected to go to retail customers on Robinhood. He said some of those buyers are selling crypto to fund their orders.
Lee said the listing could also act as a “supply shock for equities.” In his view, investors are selling other holdings in advance to raise cash for the new shares.
He also pointed to talk during Anthropic’s roadshow about AI “breaking” everything, from cyber defense to every company. He said this created “existential fears of anything technology or digital.”
The third factor is a hack at Binance that reportedly took place in late October 2026. About $6.3 billion in funds is reportedly being restored or made available. Lee counts the movement of those funds among the forces that may add to selling.
Bitmine Keeps Buying
Lee’s company has kept buying Ethereum through the swings. Bitmine now holds about 6.06 million to 6.07 million ETH. That equals roughly 4.9% to 4.97% of the total supply.
This puts the firm near its own cap of 5% of supply. The company plans to resume share buybacks as it nears that limit. Its buying began in mid-2025 and has been funded mainly by selling new shares, with staking rewards adding to holdings.
Lee stayed bullish on the long term. He said crypto “remains the future of finance” and is headed for a “supercycle” bigger than past cycles. He added, “The headwinds shall pass.”
He described the current market as a “coiled spring.” He also said crypto has held up better than AI stocks during the recent turbulence. He tied his outlook to tokenization and AI, and noted that many banks have announced plans to use crypto and blockchains.
Anthropic’s IPO is set for November 19, 2026, and Lee’s post came five days before that date.
