Analyst Ben Cowen warns a looming Anthropic initial public offering (IPO) could drain attention from Bitcoin (BTC). He says the asset is already fighting to extend its recent rebound.

The Into The Cryptoverse founder pointed to Bitcoin’s pullback ahead of SpaceX’s June listing as a precedent. He argued a similar rotation into artificial intelligence (AI) stocks could repeat.

Anthropic’s IPO Echoes the SpaceX Playbook

Anthropic, the AI company behind the Claude chatbot, confidentially filed IPO paperwork in June. It is reportedly targeting a listing window as early as this fall. Some estimates value the company near $2 trillion.

Cowen argued a similar dynamic hit Bitcoin before SpaceX went public. He said the asset sold off in the weeks before that listing as investor interest shifted toward AI-linked equities.

“We now have the anthropic IPO coming up probably in a month or two.”

Cowen made the comment in the same video where he tallies Bitcoin’s bull and bear signals. That scorecard includes his $53,000 realized price warning, a level he has flagged before.

Bitcoin’s Rally is Stalling

Bitcoin traded near $76,966, down 1.73% over the past 24 hours, according to BeInCrypto data. Banks are also pushing Anthropic and OpenAI toward investment grade credit ratings ahead of their IPOs. That effort signals how close Wall Street believes the listings are.

Bitcoin has broken through to near $83,000 since its August Rally, but the asset has struggled to stay above the $80,000 in recent weeks.

Cowen’s broader point is that momentum is finite. If retail and institutional attention concentrates on AI listings this fall, Bitcoin could lose momentum. A sustained rally typically needs that same speculative interest.

Whether that rotation happens may depend on how close Anthropic’s listing lands to Bitcoin’s next price test.

Source: BeInCrypto