Bitcoin fell 11.3% since October 20 ahead of the upcoming Anthropic IPO. The slide mirrors a pattern seen before SpaceX’s record listing, as investors free up capital for a massive public offering.
Bitcoin Sinks 11% Amid Anthropic IPO Frenzy
Bitcoin dropped 11.3% from October 20 to November 11, a decline that crypto analyst Benjamin Cowen compared to the market’s movement before SpaceX went public in June. He noted investors often sell other assets to free up cash for a major IPO, a move that may be happening now.
Anthropic is expected to raise up to $64.4 billion when its shares begin trading, likely on November 19. That would make it the second-largest IPO ever, trailing only SpaceX’s $75 billion debut. The company set an IPO price range between $70 and $78 per share and began its roadshow on November 10.
Bitcoin trades at $73,612 on Binance, down 1% in the last 24 hours. The price is pressured by a hot inflation report that pushed the odds of a Federal Reserve rate hike higher. Consumer prices increased 0.4% in October, exceeding the 0.3% forecast and adding to market pressure.
A Thinner Market Amplifies the Sell-Off
The figure that matters is 126,000 BTC. That is the average daily Bitcoin spot volume in 2026, the lowest annual level since 2016. Thinner volumes leave the crypto sector vulnerable to large sell-offs, as fewer coins changing hands can cause bigger price swings.
This drawdown echoes the one before SpaceX’s IPO, where Bitcoin lost nearly 29% between its May high and June low. It took two months for a lasting rebound after that correction.
Investors will note the broader context. In the 30 days before nine major IPOs since 2019, Bitcoin fell five times and rose four times, with a median drop of 3.6%. The two largest IPOs, SpaceX and Saudi Aramco, both came after Bitcoin fell more than 17% in a month.
Anthropic’s Debut Tests the Pattern
The bottom line is that the market will test the IPO hypothesis on November 19, when Anthropic’s first trades are expected. Whether the June sequence repeats or US inflation now sets Bitcoin’s direction remains an open question.
Anthropic’s IPO price range is $70 to $78 per share. On top of the public offering, the company is locking down an extra $26 billion from tech giants like Nvidia, Microsoft, and Google, who are buying non-voting Class N shares.
Economist Peter Schiff pointed out a longer slide. “In its 18-year history, Bitcoin never fell two calendar years in a row,” he said. “But it fell 6.34% last year, and so far in 2026 it’s down 16.5%”.
Sources
- BTC USD Falls 11% Before Anthropic IPO: IPO or Fed to Blame?
- Bitcoin Drops 11% Ahead of Anthropic IPO: Is History Repeating the SpaceX Sell-Off?
- Bitcoin Falls 17% Ahead of Anthropic IPO, Echoing 2024 SpaceX Listing Pattern | KuCoin
- Bitcoin Drops 2.7% Amid Anthropic's IPO Approach, Echoing Past SpaceX Correction | KuCoin
- Everything you need to know ahead of Anthropic's IPO
Photo: Department for Science, Innovation and Technology (CC BY 2.0)
