Tom Lee Says AI Stock Selloff, Anthropic IPO and Binance Funds Are Pressuring Crypto Markets
BitMine Immersion Technologies chairman Tom Lee has identified three potential sources of liquidity pressure behind the latest cryptocurrency market decline: margin calls linked to falling artificial intelligence and semiconductor stocks, investors preparing cash for Anthropic's upcoming initial public offering (IPO), and the movement of funds reportedly connected to a $6.3 billion Binance hack.
Lee argues that these developments are creating a short-term liquidity squeeze across digital asset markets, with retail investors in the United States, South Korea and Taiwan among those facing the greatest pressure.
His assessment suggests that weakness in cryptocurrency prices may partly reflect financial pressures originating outside the digital asset industry, rather than developments within crypto markets alone.
AI Stock Declines Trigger Potential Crypto Selling
One of the factors identified by Lee is the downturn in AI and semiconductor stocks. As valuations in these sectors decline, leveraged investors may face margin calls from brokers requiring additional cash or collateral to maintain their positions.
Investors facing these demands may need to liquidate other assets to raise funds. According to Lee's assessment, cryptocurrencies can become a convenient source of liquidity because they trade continuously and can be converted into cash relatively quickly.
This creates a potential connection between losses in traditional technology investments and selling pressure across digital asset markets. Investors may sell cryptocurrency holdings to meet financial obligations arising from positions in other sectors.
Anthropic IPO Adds Another Potential Liquidity Drain
Lee also points to preparations for Anthropic's upcoming IPO as another possible source of pressure. The AI company's listing is scheduled for November 19, 2026, according to the research findings cited in the report.
Investors seeking to participate in the offering may be setting aside additional cash ahead of the listing and potential retail allocations. If they raise that capital by selling existing investments, cryptocurrency markets could experience additional liquidity outflows.
The scheduled IPO provides a specific timeline for this potential source of demand for cash, although the extent of any resulting cryptocurrency sales has not been established.
Reported Binance Hack Funds Add to Market Uncertainty
A third factor involves approximately $6.3 billion in funds reportedly associated with a Binance hack around late October 2026. The research findings indicate that funds connected to the incident were being restored or made available.
Lee includes the movement of these returned assets among the developments potentially contributing to selling pressure. However, the amount of funds that may actually enter the market and the timing of any transactions remain important variables.
The combined effect of these developments is what Lee describes as a short-term liquidity squeeze, particularly affecting retail investors across the United States, South Korea and Taiwan.
BitMine Continues Accumulating Ethereum
While highlighting the pressure affecting cryptocurrency markets, Lee's company has continued expanding its Ethereum holdings. BitMine Immersion Technologies now holds approximately 6.06 million to 6.07 million ETH, equivalent to around 4.9% to 4.97% of Ethereum's total supply.
The accumulation brings BitMine close to its internally established target ceiling of 5% of the total ETH supply. With that threshold approaching, the company is moving toward resuming share buybacks.
BitMine began its Ethereum accumulation strategy in mid-2025. The purchases have been financed primarily through equity issuance, while staking rewards have provided an additional contribution to the company's ETH holdings.
The company's position is particularly relevant because BitMine is among the more significant corporate holders of Ethereum. A potential reduction in its accumulation pace could therefore mark a change in the activity of an important institutional buyer.
Tom Lee Maintains Long-Term Bullish Ethereum Outlook
Despite the recent market weakness, Lee remains optimistic about Ethereum's longer-term prospects. He describes the current market conditions as a "coiled spring," suggesting that temporary liquidity pressures could eventually give way to stronger performance if underlying fundamentals remain intact.
Lee also argues that cryptocurrency assets have demonstrated resilience compared with AI stocks during the latest period of market volatility.
His broader investment thesis centers on what he calls a crypto "supercycle," supported by the growth of tokenization and artificial intelligence. Tokenization involves representing real-world assets, including stocks and bonds, on blockchain networks to enable digital trading and settlement.
Anthropic IPO and BitMine Strategy Remain Key Developments
Several developments could influence how long the current liquidity pressure persists. Anthropic's scheduled November 19, 2026 IPO represents one identifiable event that may clarify whether investors have completed preparations for the offering and secured their allocations.
The reported $6.3 billion in returned Binance-related funds represents another uncertainty. The amount that ultimately moves through financial markets, together with the speed of those movements, could affect the duration of the potential selling pressure.
Lee's assessment should also be considered alongside his position as chairman of BitMine, a company with substantial exposure to Ethereum. His positive long-term outlook aligns with the firm's significant ETH holdings and ongoing accumulation strategy.
Meanwhile, BitMine's approach to its 5% Ethereum supply ceiling could become an important development for the market. As the company approaches that limit and shifts toward share buybacks, its role as a persistent source of Ethereum demand may begin to change.
source: cryptobriefing
Writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
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