Tom Lee, a market analyst and chairman of BitMine Immersion Technologies, has identified three possible explanations for the crypto crash, which erased billions of dollars in market capitalization. According to him, the decline in artificial intelligence and semiconductor stocks, particularly Nvidia, triggered margin calls and forced crypto sales, while some investors may be liquidating assets ahead of Anthropic’s initial public offering. The aftermath of the $6.3 billion Binance hack in late October may also be contributing to the sell-off. Bitcoin fell to $62,112 and Ether to $1,711, while about $2 billion in leveraged crypto positions were liquidated within 24 hours. Between October 30 and November 13, U.S. spot Bitcoin ETFs recorded nearly $3 billion in net outflows.
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