Cryptocurrency analyst Ben Cowen has warned that Anthropic's upcoming initial public offering could redirect investor attention away from Bitcoin at a critical moment for the asset's price momentum.
Cowen, founder of Into The Cryptoverse, pointed to precedent from SpaceX's June listing as evidence of how major corporate IPOs can shift market dynamics. He argued that Bitcoin experienced a pullback in the weeks before that listing as investor interest rotated toward AI-linked equities, and suggested a similar pattern could emerge with Anthropic's expected fall IPO.
Anthropic's IPO Timeline
Anthropic, the AI company behind the Claude chatbot, confidentially filed IPO paperwork in June and is reportedly targeting a listing window as early as fall. Some estimates value the company near $2 trillion. Banks are also pushing both Anthropic and OpenAI toward investment grade credit ratings ahead of their listings, signaling how close Wall Street believes these transactions are.
Bitcoin's Current Momentum
Bitcoin traded near $76,966 at the time of reporting, down 1.73% over the prior 24 hours. The asset has broken through to near $83,000 since its August rally but has struggled to maintain levels above $80,000 in recent weeks.
Cowen's broader concern centers on the finite nature of market momentum. If retail and institutional attention concentrates on AI IPO listings this fall, Bitcoin could lose the speculative interest typically required to sustain a rally. Whether that rotation occurs may depend on how closely Anthropic's listing aligns with Bitcoin's next significant price test.
