BitMine Chairman Tom Lee is offering a multi-part explanation for the steep decline in digital assets, arguing that stress in AI and semiconductor equities, cash-raising ahead of Anthropic’s planned stock listing, and the aftermath of the Binance security breach are all feeding selling pressure – while insisting the long-term crypto supercycle remains intact.

In a post on X on November 14, Lee said crypto fundamentals have been “mostly positive (many banks announcing use of crypto and blockchains)” but that prices have not followed. He framed his list as possible drivers rather than confirmed causes of the downturn.

Prices remained under heavy pressure on November 15. Bitcoin traded near $63,916, down 4.88% over 24 hours and 15.54% over…