Tom Lee: Factors such as the tech stock sell-off, the liquidity squeeze from the Anthropic IPO, and some holders cashing out after the $6.3 billion Binance hack have led to sustained selling pressure in the crypto market.

BlockBeats news, November 15 - Tom Lee, Chairman of Ethereum treasury company Bitmine, stated in a post that despite multiple banks announcing the adoption of crypto assets and blockchain technology, the crypto market has still experienced sustained selling over the past few weeks. He believes that the sell-off in AI and semiconductor stocks may have triggered margin calls, particularly affecting retail investors in Asia; the approaching Anthropic IPO may also prompt some investors to sell stocks in advance to raise funds. If Robinhood users receive a relatively large-scale allocation, some retail investors may also sell crypto assets to participate in the subscription.

Tom Lee also listed the recent $6.3 billion crypto asset theft incident as one of the potential factors. He believes that after the funds in the relevant accounts are restored to availability, some holders may convert their assets into cash or stablecoins. In addition, discussions during Anthropic's roadshow about AI potentially weakening existing cybersecurity defenses, as well as the U.S. Department of Justice's review of chips sold to Asia, including China, may also exacerbate the market's risk-averse sentiment.

He believes that the above pressures will eventually subside. In the long term, crypto networks can serve as a transaction settlement layer, and digital assets will also transform the capital markets, potentially driving a crypto "super cycle" larger than previous ones. He remains optimistic about Ethereum's role in the financial system.