CoinDesk
Bitcoin is on course for its sixth consecutive weekly decline, down 11% in November, 17% in the fourth quarter and 21% so far in 2026. The streak echoes the Q1 slide that bottomed near $60,000, and it remains short of the record nine-week run of losses set in 2022.
The most immediate pressure point is Anthropic's anticipated IPO, one of next week's biggest market events. The AI company aims to raise up to $64.4 billion and has drawn orders for roughly six times the shares available, alongside a $26 billion private placement to which Nvidia has committed around $10 billion. The deal targets a fully diluted valuation of about $1.4 trillion, with Anthropic's annualized revenue run rate reaching $81 billion at the end of October, up $10 billion in a single month. Shares are expected to trade on Nasdaq under the ticker ANT.
Why it matters
Investors freeing up capital for a listing of this size offers one plausible explanation for the bitcoin sell-off, and there is a direct precedent. Bitcoin fell roughly 20% in early June, from around $75,000 to $60,000 between June 1 and June 5, ahead of SpaceX's June 12 debut, then rebounded toward $68,000 once the IPO launched.
The rotation story has competition from two other headwinds. Jensen Huang's resignation as Nvidia CEO has rattled risk appetite across tech, and expectations keep building for a 25-basis-point Federal Reserve rate increase at its Dec. 9 meeting.
Market impact
If the SpaceX pattern holds, the path of least resistance stays lower until Anthropic's listing absorbs the capital rotation, with rebound potential once the stock starts trading. Traders will be watching whether the six-week streak extends toward the 2022 record of nine, and how bitcoin behaves into the Dec. 9 Fed decision.
Frequently asked questions
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Why is Bitcoin falling ahead of Anthropic's IPO?
One plausible explanation is investors freeing up capital for the blockbuster listing. Anthropic aims to raise up to $64.4 billion with demand roughly six times the shares available, and bitcoin has fallen for five straight weeks into the event.
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How big is Anthropic's IPO and who is backing it?
Anthropic targets a raise of up to $64.4 billion plus a $26 billion private placement, with Nvidia committing around $10 billion. The fully diluted valuation is about $1.4 trillion, and shares are expected on Nasdaq under the ticker ANT.
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What happened to Bitcoin before SpaceX's IPO?
Bitcoin fell roughly 20% between June 1 and June 5, from around $75,000 to $60,000, ahead of SpaceX's June 12 debut. It then rebounded toward $68,000 once the IPO launched, the pattern traders are now watching for.
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How does the current losing streak compare to history?
This would be bitcoin's sixth consecutive weekly decline, echoing the Q1 slide that bottomed near $60,000. The record is nine straight weekly losses, set in 2022. Bitcoin is down 11% in November and 21% in 2026.
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What other headwinds are weighing on Bitcoin besides the IPO?
Jensen Huang's resignation as Nvidia CEO has rattled tech risk appetite, and expectations are building for a 25-basis-point Federal Reserve rate increase at its Dec. 9 meeting.
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