Analyst Ben Cowen Says Upcoming Anthropic IPO May Distract From Bitcoin Rally

Analyst Ben Cowen cautions that the forthcoming initial public offering (IPO) of artificial‑intelligence company Anthropic may divert attention from Bitcoin (BTC) at a time when the cryptocurrency is trying to extend its recent rebound.

Anthropic IPO timeline and valuation

Anthropic, the creator of the Claude chatbot, filed confidential IPO paperwork in June and is targeting a listing window as early as the fall. Some market estimates place the company’s valuation near $2 trillion.

Historical precedent with SpaceX

Cowen points to Bitcoin’s pullback ahead of SpaceX’s June listing as a comparable scenario. He notes that Bitcoin sold off in the weeks before SpaceX went public as investor interest rotated toward AI‑linked equities.

Current Bitcoin price action

Bitcoin is trading around $76,966, down 1.73% over the past 24 hours, according to BeInCrypto data. The cryptocurrency has struggled to stay above the $80,000 level after breaking through to near $83,000 during its August rally.

Potential impact of AI stock rotation

Cowen argues that if retail and institutional capital concentrates on AI listings this fall, Bitcoin could lose momentum, as sustained rallies typically rely on speculative interest across markets.

Outlook

The extent of any rotation may depend on how closely Anthropic’s listing aligns with Bitcoin’s next price test. Cowen continues to monitor both bullish and bearish signals for Bitcoin, including his previously flagged $53,000 realized price level.