Tom Lee: The continuous sell-off in the cryptocurrency market is caused by factors such as the sell-off of tech stocks, the liquidity squeeze from the Anthropic IPO, and some holders cashing out after Binance was hacked for 6.3 billion dollars

Tom Lee, Chairman of Bitmine, stated that despite several banks announcing the adoption of crypto assets and blockchain technology, the crypto market has still faced continuous sell-offs 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 upcoming IPO of Anthropic may also prompt some investors to sell stocks early to raise funds. If Robinhood users receive a large allocation, some retail investors may also sell crypto assets to participate in the subscription.

Tom Lee also listed the recent theft of $6.3 billion in crypto assets as one of the potential factors. He believes that once the funds in the relevant accounts are restored, some holders may convert their assets into cash or stablecoins.

In addition, discussions during the Anthropic roadshow about how AI may weaken existing cybersecurity defenses, as well as the U.S. Department of Justice's review of chips sold to Asia, including China, may also intensify market risk aversion.

He believes that the aforementioned pressures will eventually dissipate. In the long term, crypto networks can serve as a transaction settlement layer, and digital assets will change capital markets, potentially driving a "super cycle" in crypto that exceeds previous scales. He remains optimistic about Ethereum's role in the financial system.