There is no direct evidence that Anthropic's IPO is pulling money out of crypto. All that is certain is that two moves coincide: according to the prospectus it filed with the US Securities and Exchange Commission, Anthropic aims to raise between $57.75 billion and $64.35 billion from investors, while US spot bitcoin ETFs have lost a combined $1.91 billion over seven consecutive trading days.

At the same time, bitcoin stood at $64,715 on Sunday morning, 3.5 percent lower than 24 hours earlier. This article separates what is documented from what remains conjecture. Readers have been asking the question for days, and it is a fair one: at up to $64.35 billion, the IPO is exceptionally large, and it falls in a week in which the crypto crash has pushed bitcoin down to almost half its record.

Anyone who holds crypto and is wondering whether to reallocate needs the orders of magnitude and the dates, not slogans. Anthropic IPO in numbers: 825 million shares at $70 to $78 The basis is the amended registration statement (Form S-1/A) that Anthropic filed with the SEC on November 10, 2026.

A prospectus is the mandatory document in which a company discloses its business, risks and offering terms before going public. According to the prospectus filed with the SEC, the offering comprises 825,000,000 Class A shares. Anthropic itself is selling 801,351,354 of them; the remaining 23,648,646 shares come from existing shareholders.

The preliminary price range is $70 to $78 per share, and the stock is to be listed on the Nasdaq Global Select Market under the ticker ANT. Multiplying the number of shares by the range gives an offering size of $57.75 billion at the low end and $64.35 billion at the top.

On top of that comes a private placement: strategic partners including Google, Nvidia, Broadcom, Micron, Microsoft and TSMC Partners are buying non-voting Class N shares worth a combined $26.0 billion at the offering price, according to the prospectus. At an assumed price of $74, Google and Nvidia each take about $10 billion of that.

Anthropic estimates net proceeds from the IPO and the private placement at about $84.6 billion at the midpoint of the range, or around $93.7 billion if the over-allotment option is exercised in full. A separate prospectus applies to retail investors in Europe.

As cryptoticker.io reported on November 14, Anthropic is reserving at most 80,135,135 shares for Germany and other countries in the European Economic Area, worth about $5.9 billion at the midpoint of the range. The subscription routes offered by German banks and brokers are covered in our article on the Anthropic IPO and its subscription period.

Bitcoin ETF outflows: $1.91 billion in seven trading days On the crypto side, the story is fund flows. A spot ETF is an exchange-traded fund that actually holds the coins; when an investor withdraws money, the issuer usually has to sell bitcoin or buy less. According to data from Farside Investors, US spot ETFs lost a net $185.4 million on November 13.

Of that, about $143.5 million came from BlackRock's IBIT and around $41.9 million from Fidelity's FBTC. It was the seventh straight day of outflows; for the period from November 5 to 13, outflows add up to $1,907.4 million, according to Crypto Briefing, based on Farside. Totals vary depending on the data provider and the period.

For the two weeks to November 14, some trade outlets cite around $2.35 billion, covering a longer window. Anyone comparing figures should therefore always check the time frame. If you prefer to invest through a fund rather than an exchange, the products tradable in Germany are listed under buying crypto ETFs in Germany. Bitcoin price on November 15: $64,715, ether below $1,800 The market has been falling for days.

According to CoinGecko, bitcoin traded at $64,715 at around 9:45 a.m. German time on Sunday, with a 24-hour low of $62,081. That leaves the price 48.7 percent below its record high of $126,080 from October 6, 2025. Based on CoinMarketCap daily closes, bitcoin lost 3.5 percent on November 12, 4.3 percent on November 13 and 6.0 percent on November 14; Saturday's close was $64,128.

Ethereum fell more sharply over the same period and stood at $1,799.78, down 5.2 percent in 24 hours. The Fear and Greed Index from alternative.me measures crypto market sentiment on a scale from 0 to 100 and stands at 10, in the zone of extreme fear. The day before it was 13. A running overview of prices is available on the bitcoin price page.

The seven days of bitcoin ETF outflows look small next to the size of Anthropic's offering. Chart: cryptoticker.io Capital drain from the IPO: the case for the theory Three observations support the idea that the IPO is tying up liquidity that might otherwise also flow into crypto. First, the sum is large. The offering size at the top of the range is more than thirty times the ETF outflows of the seven trading days.

Even a small part of it, if reallocated from risky assets, would show up in fund flows. Second, the investor groups overlap. People who bought bitcoin as a growth bet in recent years are often interested in technology stocks too. Retail investors in Germany need money in their settlement account to subscribe; according to our report of November 14, the amount stays reserved until settlement on November 20.

Anyone who sells coins to fund that creates selling pressure, even if it does not appear as such in any statistic. Third, demand for Anthropic is already visible in the crypto market…