Bitcoin Heads for Sixth Weekly Loss as Anthropic IPO Looms

Bitcoin is trading near $68,688, down 4.2%, and is on course for a sixth consecutive weekly decline. It is down 11% in November, 17% in the fourth quarter and 21% to 22% in 2026, depending on the count.

Sunday's close decides whether the losing streak extends. The record is nine straight weeks, set in 2022.

The run echoes the first quarter, when a six-week slump ended with prices bottoming near $60,000. This slide is shallower than that one.

Anthropic IPO in focus

One possible driver is next week's Anthropic listing, one of the biggest market events on the calendar. Bloomberg reported orders for roughly six times the shares available.

The numbers are large. Anthropic aims to raise up to $64.4 billion, alongside a $26 billion private placement, at a fully diluted valuation of about $1.4 trillion. Nvidia has committed around $10 billion to the placement.

Annualized revenue run rate hit $81 billion at the end of October, up $10 billion in a month. Shares are expected to trade on Nasdaq under the ticker ANT.

The theory: investors free up capital to chase the listing, and bitcoin gets sold to fund it. That is one explanation for the sell-off, not a settled cause.

The SpaceX precedent

The SpaceX IPO offers a template, and a caveat. Trading began June 12. Between June 1 and June 5, bitcoin fell roughly 20%, from about $75,000 to $60,000. After the launch, it rebounded toward $68,000.

If the pattern repeats, pressure could ease once ANT starts trading. Nothing guarantees it.

Other headwinds

Two more pressures sit on the tape. Jensen Huang has resigned as Nvidia CEO. Markets are also pricing growing odds of a 25-basis-point Fed rate increase at the Dec. 9 meeting.

The levels are simple. $60,000, the Q1 low, is the line to watch. Sunday's weekly close settles whether the streak runs on. Next week's IPO adds event risk either way, and the SpaceX episode shows a pre-listing dip can be sharp without being lasting.