Tom Lee Says AI Stock Sell-Off and Anthropic IPO May Be Driving Crypto Losses

Highlights:

• Tom Lee says losses in AI and chip stocks could force investors to sell crypto.
• He believes Anthropic’s upcoming IPO may draw money away from cryptocurrencies as investors prepare to buy shares.
• Lee also points to reimbursements from the Binance hack, but no data confirms customers are selling their returned assets.

BitMine Chairman Tom Lee believes the recent crypto sell-off may have more to do with problems outside the digital asset market. He pointed to falling technology stocks, investors raising money for Anthropic’s upcoming IPO, and funds returning after Binance’s $6.3 billion hack. Lee said these developments could explain why cryptocurrencies have continued losing value despite growing interest from banks and financial institutions. However, he expects the pressure to ease and remains positive about the industry’s future.

In a November 14 post on X, shared through Fundstrat’s account, Lee outlined three possible reasons for the recent decline. He also discussed growing concerns about artificial intelligence and semiconductor stocks.

Crypto has been under intense selling pressure the last few weeks.

While crypto fundamentals have been mostly positive (many banks announcing use of crypto and blockchains), price not followed.

Here are some reasons we see potentially behind weakness:

– AI/semi/$NVDA selloff… pic.twitter.com/WyVSwp40Ne

— Thomas (Tom) Lee (not drummer) FundstratDirect.com (@fundstrat) November 14, 2026

AI Stock Losses Could Be Forcing Crypto Sales

Lee said the recent sell-off in technology stocks could be putting pressure on the crypto market. Shares of AI and semiconductor companies, including Nvidia, have fallen, leaving some investors facing margin calls. He believes retail traders in Asia may be selling cryptocurrencies to cover their losses in stocks.

Lee also mentioned concerns about AI and cybersecurity following comments during Anthropic’s IPO roadshow. He said US restrictions on chip sales to Asia, particularly China, may be making investors more cautious. However, Lee presented these as possible reasons for the crypto sell-off. There is no clear evidence yet that losses in technology stocks are directly behind the decline.

Anthropic IPO Could Pull Money Away From Crypto

Lee also believes some investors are selling assets to prepare for Anthropic’s upcoming stock market debut. The AI company announced the start of its IPO roadshow on November 10. It plans to offer 825 million shares at an expected price of $70 to $78 each.

Anthropic has applied to list on Nasdaq under the ticker ANT. The offering has not yet been completed. Lee expects the IPO to attract strong demand. He also suggested that a large allocation of shares through Robinhood could encourage retail investors to sell some of their crypto holdings.

Binance Hack Reimbursements May Be Adding to Selling

Lee also said the return of funds after Binance’s October 29 hack may be adding to the selling pressure. Hackers stole around $6.3 billion in cryptocurrency during the attack.

On November 12, Binance announced that it had completed coverage of affected assets using more than $6.34 billion in company funds. The exchange said it used its corporate treasury, part of its SAFU reserve, and its futures insurance fund to cover the losses. Binance also published a new Proof of Reserves snapshot covering 198 tokens.

Lee believes some account holders may have converted their available crypto into cash or stablecoins after the incident. However, Binance has not released figures showing how much customers sold following the restoration. Lee’s explanation remains unconfirmed.

Tom Lee Remains Positive About Crypto’s Future

Despite the recent losses, Lee believes the current problems will pass. He expects banks and financial institutions to continue adopting blockchain technology. He also believes digital assets will play a bigger role in financial markets. Lee remains particularly optimistic about Ethereum (ETH), which he considers an important part of the future financial system.

The latest market figures still show considerable selling pressure. According to Farside Investors, US spot Bitcoin ETFs recorded $185.4 million in net outflows on November 13, following $284.1 million in withdrawals the previous day.

At the time of writing, Bitcoin was trading around $64,164, down 4.46% over the previous 24 hours, according to CoinMarketCap.