Anthropic IPO Looms Large Over Bitcoin Rally

Analyst Ben Cowen is warning that a looming IPO from AI company Anthropic could divert attention away from Bitcoin's price rally. He points to a similar scenario in June when SpaceX went public, causing a rotation into AI-linked equities and a subsequent pullback in Bitcoin.

Cowen notes that Anthropic confidentially filed IPO paperwork in June and is reportedly targeting a listing window as early as this fall, with some estimates valuing the company near $2 trillion. He argues that if investor interest shifts toward AI stocks ahead of Anthropic's listing, it could impact momentum for Bitcoin.

Bitcoin has been struggling to stay above $80,000 in recent weeks after breaking through to near $83,000 since its August rally. Cowen's broader point is that momentum is finite and requires sustained speculative interest from both retail and institutional investors.