Tom Lee Says Retail Investors May Be Cashing Out Ahead Of Anthropic’s Nasdaq Debut

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Tom Lee said on Saturday that retail investors may be selling crypto to fund purchases of Anthropic (ANT) shares ahead of its Nasdaq debut, pointing to the IPO as one possible…

Tom Lee said on Saturday that retail investors may be selling crypto to fund purchases of Anthropic (ANT) shares ahead of its Nasdaq debut, pointing to the IPO as one possible reason behind crypto's recent slump.

In a post on X, Lee said there are several things that may be behind the weakness in crypto. He first pointed to the selloff in AI and chip stocks, led by Nvidia (NVDA). That drop triggered margin calls, mostly among "retail traders in Asia," he said.

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Lee also expects the upcoming Anthropic IPO to suck money out of the market. He said investors are selling other holdings to raise cash for the deal in advance.

Much of the offering is expected to be sold to retail customers on Robinhood (HOOD), with investors "selling crypto to fund" their purchases, he said. According to Lee, the listing could also act as "a supply shock for equities," as investors sell other holdings to raise cash for the new shares.

Lee also pointed to talk during Anthropic's roadshow about AI "breaking" everything, from cyber defense to every company, which he said had created "existential fears of anything technology or digital." He described these factors as "potentially" behind the weakness.

Lee, however, stayed bullish on crypto's future. He said it "remains the future of finance" and was headed for a "supercycle" that was "bigger than past cycles." He added, "The headwinds shall pass," and said, "$ETH is the future of finance." Lee also serves as the chairman of Bitmine Immersion (BMNR), the largest corporate holder of Ethereum. Currently, BMNR holds around 6.1 million ETH.

He noted that crypto has been "under intense selling pressure the last few weeks," even though fundamentals have been "mostly positive," with many banks announcing they will use crypto and blockchains.

On Stocktwits, Ethereum was one of the top trending tickers among cryptocurrencies at the…

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