Bitcoin slips below $70,000 as Anthropic IPO draws cash

Rocca told crypto.news that Bitcoin had faced a mix of US inflation concerns, political uncertainty, cybersecurity incidents and selling in technology stocks. He said the cryptocurrency had held up against those pressures, but investors may be selling liquid assets to secure allocations in Anthropic’s offering.

Reuters reported on Nov. 12, citing Bloomberg, that orders for the offering were about six times the number of shares available. Bankers had told prospective buyers that existing investors would receive priority. The proposed sale could involve up to $64.4 billion and 825 million shares priced between $70 and $78. Trading was expected to start on Nasdaq on Nov. 19 under the ticker ANT, with a potential valuation of $1.4 trillion.

Rocca compared the current selling to Bitcoin’s decline around SpaceX’s IPO earlier this year, saying large listings can draw money from liquid markets as investors pursue potential short-term gains. Analyst Crypto Rover also compared the two pullbacks, putting the earlier decline at nearly 29% and the correction before Anthropic’s planned debut at approximately 16% in a Nov. 10 post.

Bitcoin traded near $68,750 early on Nov. 13 after briefly touching nearly $68,500 on Binance. Farside Investors data cited in market coverage showed $299.8 million in net withdrawals from US spot Bitcoin ETFs on Nov. 11, including $269.7 million from BlackRock’s IBIT. Withdrawals over five consecutive sessions reached about $1.44 billion. CoinGlass figures put crypto liquidations at roughly $1.23 billion over 24 hours, with about $677.5 million in Bitcoin positions, including $653.5 million in longs.

Strategy’s removal from an MSCI index takes effect at the close of Nov. 30, prompting adjustments by funds tracking affected benchmarks. The change applies to Strategy shares and does not automatically require funds to sell an equivalent amount of Bitcoin. Rocca said he sees the market pressure as capital shifting between investments and urged long-term Bitcoin holders to accumulate steadily rather than react to short-term flows.