Bitcoin has crashed toward $65,500, and dragged Ethereum, XRP, Solana and most of the crypto market lower as investors continue cutting risk.
One unusual factor may now be adding to the pressure: Wall Street is preparing for Anthropic’s enormous IPO.
The Claude developer’s offering has attracted orders reportedly worth roughly six times the available shares, with the company targeting a valuation near $1.4 trillion. Some market watchers believe investors are freeing up capital for the listing, potentially pulling money from liquid assets such as Bitcoin ETFs.
Bitcoin ETF Selling Is Already Heavy
The capital-rotation theory cannot be proven, but the ETF selling is real.
U.S. spot Bitcoin ETFs had recorded roughly $1.88 billion in net withdrawals since the start of November by Thursday. The funds have moved from positive to negative flows for 2026 in only a few weeks.
Why Bitcoin is dumping? US investors are reportedly selling Bitcoin ETFs to get into the Anthropic IPO. Nearly $2.35 BILLION worth of Bitcoin ETFs have been sold so far this month. We saw something similar during the SpaceX IPO in June. Money moves to the next big thing, and crypto takes a temporary hit. Such dips have historically created some of the best buying opportunities.
— Ash Crypto (@AshCrypto) November 14, 2026
Interestingly, Bitcoin also fell roughly 20% immediately before SpaceX’s June IPO before recovering afterward. That does not mean Anthropic will produce the same pattern, but the comparison gives Ash Crypto’s argument some context.
The Fed and Liquidations Are Making Things Worse
Anthropic is only part of the story.
Hotter U.S. inflation has pushed markets toward another Federal Reserve rate hike in December, lifting Treasury yields and sending the Dollar Index above 103. That is a difficult environment for speculative assets.
Read also: Crypto Market Crash: How Low Can Bitcoin and XRP Go?
The decline then became self-reinforcing as leveraged positions were wiped out. More than $1.4 billion in crypto positions were liquidated during Thursday’s plunge, with longs accounting for the overwhelming majority.
So the current crash looks less like one bad headline and more like several pressures arriving together: ETF withdrawals, tighter monetary policy, weaker tech sentiment, leverage liquidation and potentially capital being reserved for Anthropic.
The IPO theory is interesting. The broader risk-off move is the stronger explanation.
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