Analysis: Factors such as the Anthropic IPO squeezing liquidity, Jensen Huang's departure, and rising expectations of Federal Reserve rate hikes have led to a decline in Bitcoin.

November 14 — Bitcoin is set to close lower for a sixth consecutive week, matching a losing streak similar to the one seen in the first quarter of this year. At that time, Bitcoin bottomed near $60,000; the longest weekly losing streak on record was nine consecutive weeks in 2022. Bitcoin has fallen 11% since the start of November, 17% since the start of the fourth quarter, and 21% year-to-date in 2026.

Next week, the market will see the Anthropic IPO, with subscription orders at roughly 6 times the number of shares available for sale. Anthropic plans to raise up to $64.4 billion through the IPO, with an additional $26 billion concurrent private placement, targeting a fully diluted valuation of about $1.4 trillion. Nvidia has committed to subscribe about $10 billion in the private placement.

Some investors may free up funds to participate in the Anthropic IPO, which offers one explanation for Bitcoin's recent sell-off. Using the market action around SpaceX's listing as a reference: from June 1 to 5 this year, Bitcoin fell from about $75,000 to $60,000, a drop of about 20%; after SpaceX listed on June 12, Bitcoin rebounded to nearly $68,000.

In addition to potential capital diversion, Jensen Huang's resignation as Nvidia CEO and rising market expectations that the Federal Reserve will raise rates by 25 basis points at its December 9 meeting have also weighed on Bitcoin.