Benjamin Cowen says Anthropic’s massive upcoming IPO could be contributing to Bitcoin’s decline as $BTC begins tracking its pre-SpaceX IPO pattern.
Bitcoin’s latest decline may have an unusual source of pressure: investors raising cash ahead of Anthropic’s potentially massive initial public offering.
Into The Cryptoverse founder Benjamin Cowen raised the possibility as Bitcoin trades around $73,500, saying major IPOs can prompt investors to free up capital that might otherwise stay invested in assets such as Bitcoin. CoinMarketCap currently puts $BTC near $73,503.
Perhaps the reason Bitcoin is falling (if you need one) is due to the upcoming Anthropic IPO.
You can see Bitcoin's performance going into the SpaceX IPO (blue line).
Investors will often try to free up capital for major IPOs. https://t.co/zNPlq0KAAM pic.twitter.com/fx6VvST58p
— Benjamin Cowen (@benjamincowen) November 11, 2026
He cited Bitcoin’s performance around the SpaceX IPO earlier this year and added that investors “will often try to free up capital for major IPOs.”
Bitcoin Fell About 20% Ahead of the SpaceX IPO
Bitcoin’s performance around the SpaceX listing provides the basis for the comparison.
Taking the $BTC price 30 days before each IPO as the 0% starting point, Bitcoin initially stayed close to flat, then began a sustained decline ahead of SpaceX’s debut.
By the time SpaceX went public on June 12, 2026, Bitcoin’s normalized return had dropped to roughly -20% from the 30-day starting point.
SpaceX began trading on Nasdaq under the ticker SPCX on June 12, after setting its IPO price at $135 per share. The base offering comprised 555.56 million shares, equivalent to approximately $75 billion before the underwriters’ additional allocation.
Bitcoin closed that day near $63,543, according to historical CoinMarketCap data.
The decline did not end immediately after the IPO. Bitcoin briefly recovered following the listing, then its normalized return worsened to approximately -26% around 18 days after the IPO. It later regained some of those losses, ending the 30-day post-IPO window around 19% below the original baseline.
Anthropic’s Setup Is Beginning to Resemble the Same Pattern
The Anthropic comparison currently starts 30 days before an assumed Nov. 19 listing date.
That date is no longer merely hypothetical. Anthropic officially launched its IPO roadshow on Nov. 10, offering 825 million Class A shares at an expected price of $70 to $78 per share. The company has applied to list on Nasdaq under the ticker ANT.
Reuters reports that trading is expected to begin on Nov. 19, and the offering could raise as much as $64.4 billion, valuing Anthropic at up to roughly $1.4 trillion on a fully diluted basis.
Bitcoin is currently roughly 11% below its normalized level from 30 days before the expected Anthropic listing.
The decline is moving in the same broad direction as during the SpaceX period, although Bitcoin had already fallen considerably further at a comparable stage of the SpaceX setup.
Why a Massive IPO Could Put Pressure on Bitcoin
The mechanism Cowen is pointing to is competition for capital.
Large institutional and wealthy investors typically have finite capital. In advance of an unusually large IPO, some may build up cash, sell other holdings or rebalance portfolios to take part in the offering.
Anthropic’s proposed deal is large enough for that possibility to matter. At the top of its price range, the Claude developer could raise tens of billions of dollars from public-market investors.
Selling liquid assets such as stocks or Bitcoin is one way investors could raise that cash.
However, there is currently no evidence showing that Anthropic’s IPO is the main cause of Bitcoin’s decline. Bitcoin is also facing bearish technical momentum, broader weakness in risk assets and the loss of several important support levels.
The Crypto Basic recently noted that Bitcoin remains below its declining 20-day and 50-day exponential moving averages. Another analysis identified $73,000 as a key support area before a possible deeper drop toward $60,000.
Cowen has also maintained throughout 2026 that Bitcoin is in a bear-market structure.
Nov. 19 Becomes an Interesting Test for Bitcoin
The comparison now offers a clear date to watch.
If Bitcoin continues to weaken ahead of Anthropic’s expected Nov. 19 debut and then stabilizes after the IPO is completed, that would offer further circumstantial support for the capital-rotation argument.
A continued decline well after the IPO, however, would strengthen the case that broader crypto and macroeconomic conditions—not a single stock offering—remain the dominant forces.
For now, Bitcoin’s trajectory ahead of Anthropic is following the same direction as its pre-SpaceX performance, but with a smaller normalized loss.
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