Tom Lee, chairman of BitMine Immersion Technologies, identifies three liquidity drains weighing on digital assets: margin calls linked to the decline of AI and semiconductor stocks, the raising of cash ahead of Anthropic’s IPO scheduled for November 19, 2026, and the return of roughly $6.3 billion in funds connected to the Binance hack. According to Lee, these movements force investors, particularly in the United States, South Korea, and Taiwan, to sell cryptocurrencies to finance their positions, intensifying short-term pressure. BitMine nevertheless continued buying Ether during the volatility, increasing its holdings to approximately 6.06 million to 6.07 million ETH, or 4.9% to 4.97% of total supply, close to its self-imposed 5% ceiling. The company is therefore preparing to resume its share buybacks following an accumulation strategy funded mainly through equity issuance and boosted by staking rewards. Lee remains bullish on Ethereum over the long term, comparing it to a coiled spring supported by tokenization and AI.
Source: Read the original article
