Lee says margin calls, IPO cash-raising and returned hack funds may be weighing on crypto, but he remains bullish on Ethereum
Crypto’s latest slump may have less to do with crypto than you’d think.
Tom Lee, chairman of BitMine Immersion Technologies (NYSE: BMNR), says three liquidity events may be adding selling pressure to digital assets: margin calls tied to falling AI and semiconductor stocks, investors raising cash ahead of Anthropic’s IPO, and returned funds connected to a $6.3 billion Binance hack.
Three drains on one bathtub
The first drain is the AI trade. As AI and semiconductor stocks have declined, leveraged investors have reportedly faced margin calls. Those are demands from brokers to add cash or…
