Tom Lee Says ‘Buy The Dip’ In NVDA After Huang Exit Even As Bitcoin Plunges Below $70,000: ‘Best Risk/Reward In AI’ Deepti Sri Fri, November 13, 2026 at 3:00 AM EST 4 min read BTC-USD -6.56% NVDA -4.18% ETH-USD -5.66% BMNR -7.69% Trade BTC on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
Bitcoin dropped below $70,000 early Friday, hitting its lowest level since August as crypto liquidations hit $1.47 billion.
Bitcoin ETF outflows, a stronger dollar and inflation concerns added pressure.
Bitmine's Ether holdings reached 6.07 million tokens, or 4.97% of Ethereum's supply.
Fundstrat's Tom Lee urged investors to buy Nvidia's (NVDA) dip after Jensen Huang's departure, sticking with his bullish view of AI as Bitcoin's fall below $70,000 deepened the retreat from risk assets.
Lee made his Nvidia call on Thursday, when the stock fell more than 4% despite recovering from a much sharper early drop. Bitcoin's selloff accelerated early Friday in Asia, taking it to its lowest levels since August and triggering a wave of forced liquidations.
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Meanwhile, NVDA stock clawed back from a 14% intraday plunge on Thursday but still closed 4% lower at about $166.10, leaving investors facing fresh uncertainty ahead of its earnings report next week.
"Buy the dip in $NVDA," Lee said on X, arguing that Nvidia would remain the world's most important company despite Huang's departure. "The departure of the founder and CEO is a massive test for any company," he added.
Still, Lee expects Nvidia's lead in chip design, supply-chain control and CUDA software to survive the leadership change. He also pointed to its deep engineering team and strong free cash generation, which could support further share buybacks.
Employee ownership boosts the incentives, Lee argued. He claimed that 80% of employees were stock millionaires and half held shares worth more than $25 million, without citing a source for those figures.
Lee acknowledged the immediate risks but said the stock's valuation made it attractive. "There will be pain near term since many investors view this as an adverse development. It is. But at 10x forward PE, this is also the best risk/reward in AI at the moment," he said.
Bitcoin plunged below $70,000 early Friday, falling about 7% over 24 hours to $68,408 by 12:10 a.m. ET, its lowest since Aug. 20. Ether dropped 6% to $1,921. The slide wiped out $1.47 billion in leveraged positions, including $1.31 billion in bullish bets.
Investors were already pulling back. Spot Bitcoin ETFs lost $1.44 billion across five sessions from Nov.5 to Nov.11, with BlackRock's IBIT accounting for about $1.07 billion, Farside Investors' data showed.
A stronger dollar and stubborn inflation added to the strain. The Dollar Index hit a 19-month high after October consumer prices rose 0.4% monthly and core prices increased 0.3%, keeping another Fed rate increase in focus. Meanwhile, MSCI marked Strategy (MSTR) and Metaplanet for removal from its indexes after the Nov.30 close, potentially triggering selling by index funds.
Lee's Nvidia call also comes amid his defense of crypto's longer-term prospects. Earlier this week, he attributed Ether's weakness to investor impatience. "To me, the languishing of $ETH price, while disappointing, is arguably more a reflection of the impatience of markets," he said.
Lee pointed to growing tokenization activity, largely on Ethereum, as support for his bullish crypto outlook over the next 24-36 months.
On the other hand, Bitmine Immersion Technologies (BMNR), chaired by Lee, kept adding Ether. The company said on Monday it bought 9,587 ETH over the previous week, lifting its holdings to 6.07 million tokens as of Nov.8. This puts Bitmine at 4.97% of Ethereum's supply, just shy of its 5% target.
On Stocktwits, Nvidia drew 'extremely bullish' retail sentiment amid 'extremely high' message volume, while Bitcoin's mood was 'neutral' amid 'low' message volume.
One user said, "Crypto is showing you what's to come. Margin calls with increased rates = bear market for equities"
Another user said, "$BTC it is not possible for bitcoin to fall under 60K, if it does, it might as well be forgotton"
Nvidia is down 11% year-to-date, while Bitcoin has fallen 19%.
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Deepti Sri has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy. This article was originally published on StockTwits.
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