Bitcoin fell below $66,000 during the crypto market downturn. BitMine chairman Tom Lee has proposed three possible sources of selling pressure: losses in AI and semiconductor stocks, investors raising cash ahead of Anthropic’s potential IPO, and conversions connected to the Binance security incident. These are explanations, not confirmed causes.
Key Takeaways
- Lee said AI stock losses could trigger margin calls and forced crypto sales.
- He suggested some investors may be raising cash ahead of Anthropic’s proposed Nasdaq listing.
- Funds linked to the Binance incident may add to selling, but a direct connection hasn’t been established.
- Bitcoin and major altcoins fell amid reported liquidations and ETF outflows, though the evidence does not establish these as causes.
What happened in the crypto market crash
U.Today reported on November 15 that Lee had identified three potential drivers of the decline. TokenPost reported the previous day that he described them as possible sources of selling pressure. Neither outlet presented the explanations as verified causes.
Lee’s first theory connects the crypto market crash to falling AI and semiconductor shares, particularly Nvidia. U.Today reported that Lee suggested losses in those stocks may have triggered margin calls, especially among retail investors in Asian markets. Investors needing cash to meet obligations could sell other assets, including crypto. That is a possible cross-market chain reaction, not proof that stock-related margin calls caused the decline.
His second explanation is that investors may be freeing up cash ahead of Anthropic’s potential IPO. The company’s November 10 SEC filing says it applied to list Class A shares on Nasdaq under the ticker ANT. The filing confirms a proposed listing, but doesn’t show that crypto holders are selling to participate. U.Today also reported that Lee cited concerns about AI disrupting industries.
The third possibility concerns the Binance security incident in late October. Binance said approximately $6.34 billion in digital assets were affected. In its November 3 response update, the exchange said it would absorb the financial impact and that 98% of affected token assets had been replenished as of October 31. Lee suggested some account holders might cash out or convert recovered funds into stablecoins. That theory remains unconfirmed.
Background and context
The downturn follows a period of broader market pressure. Binance Research reported that total crypto market capitalization fell 9.1% to $2.70 trillion in October 2026. It also recorded about $516 million in net outflows from spot Bitcoin ETFs and roughly $1.6 billion from Ether ETFs that month.
K33 Research said in a November 10 update that Bitcoin had posted five consecutive weekly declines. The firm reported that U.S. spot Bitcoin ETFs saw outflows totaling 31,652 BTC over the previous seven trading days. These figures show a broader period of weakness, but don’t establish why investors sold in the latest session.
The Binance incident has had a complicated aftermath. The FBI said on November 12 that the U.S. had seized more than $1.2 billion in cryptocurrency stolen from Binance. The Associated Press reported that government and private-sector efforts had frozen more than $2.7 billion of the stolen funds combined. A freeze or recovery doesn’t show that funds were sold into the market.
Market reaction
Prices remained under pressure on November 15. CoinGecko data at 08:13 UTC put Bitcoin at $63,916, down 4.88% in 24 hours and 15.54% over seven days, with a 24-hour low of $62,081. U.Today reported that Bitcoin fell below $70,000 on November 13, dropped below $66,000 on Saturday, and reached about $62,112 as of Sunday.
Ethereum traded at $1,780.21 at 08:13 UTC, down 6.31% in 24 hours and 20.14% over seven days, according to CoinGecko. XRP was at $0.948947, down 3.63% in 24 hours, while Solana stood at $69.92, down 7.18%. U.Today reported about $2 billion in leveraged crypto positions liquidated in the preceding 24 hours, most involving bullish traders. Liquidations can intensify a decline as positions are closed, but don’t identify the original cause.
U.Today also reported nearly $3 billion in net outflows from U.S. spot Bitcoin ETFs between October 30 and November 13. The Crypto Fear & Greed Index registered 10, or Extreme Fear, on November 15. Crypto holders face sharp volatility, exchange and cybersecurity risks, and potential losses from leveraged positions.
What to watch next
Useful evidence would include whether equity-market stress is driving crypto sales, updated ETF flow data and further reports on leveraged liquidations. Anthropic’s filing confirms an application to list on Nasdaq, but doesn’t show that investors are selling crypto to fund purchases.
Updates from Binance, law enforcement and market-data providers could clarify whether recovered or frozen assets are moving, being converted or remaining inaccessible. Lee also cited U.S. scrutiny of semiconductor sales to Asian markets, including China, as a possible risk factor, according to TokenPost. The effect of those policy discussions on crypto prices is uncertain.
For now, Lee’s explanations are hypotheses, not a settled account of the downturn. Several forces may be operating at once, and price moves alone can’t distinguish among them.
FAQ
What reasons did Tom Lee give for the crypto market crash?
Lee cited possible margin calls after AI and semiconductor stock losses, investors raising cash ahead of Anthropic’s potential IPO, and conversions of funds associated with the Binance incident. He didn’t establish any as the confirmed cause.
Did Anthropic’s IPO cause the crypto market crash?
The cited reports provide no evidence that Anthropic’s potential IPO caused the decline. The company applied for a Nasdaq listing, while Lee suggested some investors might be raising cash in anticipation.
Why are crypto liquidations relevant to the crypto market crash?
Forced closures of leveraged positions can add selling pressure during a fast market move. U.Today cited about $2 billion in liquidations over 24 hours, but that figure doesn’t explain what triggered the downturn.
Sources
- 29 October 2026 Binance Security Incident: Initial Findings and Response Update (www.binance.com)
- Tom Lee Reveals Three Possible Reasons Behind Crypto Market Crash (U.Today)
- Tom Lee Cites Three Possible Drivers of Crypto Selling Pressure (www.tokenpost.com)
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