Tom Lee: Six Reasons for Continued Selling Pressure on Crypto Assets, But Cryptocurrencies Still Represent the Future of Finance Tom Lee points out that cryptocurrencies have faced continuous selling pressure in recent weeks, despite generally positive fundamentals (multiple banks announcing the adoption of crypto and blockchain), prices have not followed suit. He summarizes the main reasons as follows: 1. The sharp declines in AI/semiconductor and Nvidia stocks triggered margin calls (especially among Asian retail investors); 2. The upcoming Anthropic IPO caused a supply shock, with investors selling assets in advance to raise funds for the subscription; 3. Anthropic's high retail allocation ratio on the Robinhood platform led investors to sell cryptocurrencies to participate in the subscription; 4. The recent $6.3 billion hack funds have been returned to account holders, who are converting their holdings into cash or stablecoins. In addition, two secondary factors contributed to the concern: first, Anthropic's roadshow mentioned that AI would "disrupt" everything (including cybersecurity and all companies), raising concerns about the very existence of technology/digital assets; second, the US Department of Justice's investigation into chip sales to Asia/China exacerbated fears of further negative news from Asia. Tom Lee reiterated that crypto remains the future of finance, the transaction settlement layer, and that digital assets will reshape capital markets, ushering in a larger "supercycle" than ever before.