Key insights
- Bitcoin price USD stood at $72,774.55, near its reported 24-hour low.
- Michaël van de Poppe identified $75,000 and the 200-day moving average as key Bitcoin price levels.
- Bloomberg reported Anthropic IPO orders exceeded available shares several times, amid shifting valuation expectations.
Bitcoin price USD stood at $72,774.55 in CoinGecko’s November 12 snapshot, after retreating from the $75,000 level.
Michaël van de Poppe linked the downtrend and search for lower support to liquidity he believes the upcoming Anthropic IPO is drawing from crypto markets.
Van de Poppe had previously identified $75,000 as a crucial threshold. After the price of Bitcoin failed to break above it, he said the downward trend continued, and markets were seeking support at lower levels.
He also named the 200-day moving average as crucial support that Bitcoin was holding.
Price of Bitcoin Stays Near the Session Low
CoinGecko’s 24-hour chart shows Bitcoin rising to $74,694.84 before reversing and trending lower through much of November 12.
Bitcoin price USD ended near the session’s $72,740.65 low. Its performance panel lists declines of 8.7% over seven days, 8.4% over 14 days, and 12.1% over 30 days.
Meanwhile, CoinGlass’s four-hour chart shows open interest across exchanges easing 0.8%, from $51.6 billion to $51.2 billion. Open interest briefly rose above $54 billion before settling between $51 billion and $52 billion.
On the chart, Bitcoin price line fell from roughly $78,000–$80,000 to around $73,000. Later, Bitcoin moved lower while open interest stayed within a narrower range.
Anthropic IPO Reports Describe Heavy Demand
As Bitcoin price USD struggles, reports on Anthropic’s proposed listing describe orders several times larger than the shares available. Walter Bloomberg’s post on X cited Bloomberg, which attributed the information to people familiar with the offering.
The report said large institutional orders were driving demand, while some investors were reportedly reselling portions of their allocations at premiums.
Anthropic aims to raise up to $90.4 billion through an IPO and private placement. The Claude maker is targeting a $1.4 trillion fully diluted valuation, with Goldman Sachs and Morgan Stanley leading the offering.
At that scale, the listing could become the largest public offering in history. The company is pursuing a proposed Nasdaq listing.
However, valuation expectations had shifted before the latest demand report. Bloomberg reported on November 6 that investors discussed a $1.2 trillion to $1.3 trillion range amid a broad U.S. technology selloff.
Those discussions followed earlier expectations reaching $2 trillion. The reports describe different valuation figures at separate points in the listing process.
Hayes Adds Crypto Exposure as SpaceX Dispute Unfolds
Arthur Hayes, CEO of Flop Labs, said he had increased his crypto exposure ahead of next week’s listing. He planned to keep his positions small to medium and said he could close them quickly if needed.
His stance differed from Van de Poppe’s view that the IPO was taking liquidity from crypto markets, leading to instances like the Bitcoin price USD decline.
Meanwhile, SpaceX stock closed lower on November 11 as Elon Musk addressed claims that Anthropic planned to end its computing agreement. Musk disputed expectations that Anthropic would leave the arrangement.
Investors assessed SpaceX’s exposure to large artificial intelligence customers as the dispute unfolded.
