Tom Lee breaks down six reasons behind crypto’s selling pressure, pointing to margin calls and funds being diverted to the Anthropic IPO, while reiterating that crypto is still the future of finance. (Background: Jensen Huang’s surprise resignation impact on the Anthropic IPO? Listing still on track, but first earnings report will be a tough test) (More background: Anthropic kicks off IPO roadshow! Plans to issue 825 million shares, priced at up to $78, ticker “ANT,” listing on Nasdaq) Crypto has been under intense selling pressure the last few weeks. While crypto fundamentals have been mostly positive (many banks announcing use of crypto and blockchains), price not followed. Here are some reasons we see potentially behind weakness: – AI/semi/$NVDA selloff… pic.twitter.com/WyVSwp40Ne — Thomas (Tom) Lee (not drummer) FundstratDirect.com (@fundstrat) November 14, 2026 Tom Lee’s analysis is divided into two tiers: four primary causes and two secondary factors. Primary cause 1: AI and semiconductor stocks plunge, triggering a cascade of margin calls The first reason is the steep pullback in AI and semiconductor stocks, especially Nvidia, which triggered margin calls, hitting Asian retail investors hardest. When brokerages demand additional margin, investors often liquidate their most liquid assets first. As a result, crypto is sold off involuntarily in the process. Primary causes 2–4: Anthropic IPO draws away funds; hackers’ refunds converted to cash The second and third reasons both point to the upcoming Anthropic IPO. Tom Lee believes the IPO is creating an equity supply shock, prompting investors to sell existing positions early to raise funds for subscriptions. At the same time, retail investors make up a relatively large share of the allocation on the Robinhood platform, and they are likewise selling their crypto holdings to participate in the offering. The fourth reason is related to a $6.3 billion hack. He noted that the funds have been returned to account holders, who are now converting their holdings into cash or stablecoins. Two secondary factors: AI disruption fears and chip sales scrutiny In addition to the four points above, Tom Lee also highlighted two secondary factors. The first is that during its roadshow, Anthropic said AI would “disrupt” everything, including cybersecurity and all companies, prompting existential concerns about technology and digital assets. The second is the U.S. Department of Justice’s scrutiny of chip sales to Asia and China, which has heightened investors’ fears of further negative news from Asia. The selling pressure started not on-chain, but in the competition for capital Notably, few of the six reasons Tom Lee listed are directly related to blockchain fundamentals. Margin calls, funds being diverted to IPO subscriptions, and hackers’ refunds being converted to cash are all essentially matters of capital allocation—not a sign that “nobody wants to use crypto.” This also explains why positive news about bank adoption has yet to translate into higher crypto prices. Tom Lee reiterates: Crypto is still the future of finance Despite near-term pressure, Tom Lee reiterated that his position remains unchanged. He believes crypto still represents the future of finance, serving as the foundation for transactions and settlement. Digital assets will reshape capital markets and usher in a “supercycle” greater than anything seen before. In other words, in his view, this round of selling pressure looks more like capital being moved elsewhere than a reversal of the trend. Related coverage Bitmine buys another 9,587 ETH! Total holdings rise to 6.07 million, reaching 99% of its 5% target Taiwan’s Fubon Life plans to subscribe for “up to $700 million” in Anthropic IPO Bitmine posts $6.3 billion net loss for fiscal year! ETH down 43%, with $6.2 billion in valuation losses This article, “Tom Lee on Six Reasons Behind Crypto Market Selling Pressure: Nvidia Plunge and Funds Diverted to Anthropic IPO,” was originally published by BlockTempo (動區動趨—the most influential blockchain news media).