Bitcoin Dips To $68,000 As Anthropic IPO Pulls Cash, But History Points To A Buying Window

Bitcoin just had its worst week since summer. But the reason behind the drop may be exactly why some analysts see an opportunity.

BTC fell to about $68,000 overnight, its lowest level since August and more than 20% below early October. At its lowest point, Bitcoin touched $67,770 as liquidations topped $1.6 billion, with roughly 89% of the wiped-out positions coming from longs.

The culprit, according to several market watchers, is not a problem with Bitcoin itself. It is the Anthropic IPO.

Why The Anthropic IPO Is Weighing On Bitcoin

Anthropic, the AI company behind the Claude chatbot, is preparing one of the largest stock listings in history. It set a price range of $70 to $78 per share, selling 825 million shares to raise about $64.4 billion. Pricing is expected on Nov. 18, with trading set to begin on Nov. 19 on Nasdaq.

Demand has been enormous. The offering’s order books were about six times oversubscribed, according to CoinDesk.

That demand has to be funded somehow. Seamus Rocca, CEO of Xapo Bank, believes investors are selling liquid assets like Bitcoin to raise cash for their IPO allocations, the same dynamic seen ahead of SpaceX’s listing earlier this year.

In other words, this is a temporary rotation of capital, not a vote against Bitcoin.

The SpaceX Playbook Points Higher

Here is where it gets interesting. The last time a mega-IPO pulled money out of crypto, it marked a turning point.

Matt Cole of Strive noted that Bitcoin fell 19% in the 50 days before the SpaceX IPO. In the same window ahead of the Anthropic listing, it has fallen 18%, an almost identical pattern.

If history repeats, Cole suggests Bitcoin could climb back toward $90,000 by late February. That would be a gain of more than 30% from current levels.

The logic is simple. Once the IPO is priced and allocations are filled, the forced selling stops. Capital that was parked on the sidelines can flow back into risk assets, including crypto.

Fear Is Running High, And That’s Often Bullish