Bitcoin is down 20%+ since October, its lowest since August, and analysts are split on why. Some blame investors raising cash for Anthropic’s 6x-oversubscribed IPO; others see a wider AI-trade unwind. Under 45% of active supply is in profit, a zone that has often marked correction lows. Tap for the full breakdown.
Bitcoin fell to around $68,000 overnight, its lowest since August, and was last near $67,240, extending a slide of more than 20% since early October. Anthropic’s IPO, which could raise up to $64.4B, is about six times oversubscribed, per Bloomberg. Xapo Bank CEO Seamus Rocca said order books opening pull money from liquid assets like bitcoin as investors scramble for allocations, and compared it to SpaceX’s IPO, which he said temporarily drained money from bitcoin. Risk Dimensions’ Mark Connors sees a wholesale deleveraging of the AI trade, citing gold’s decline. Hyperium Decimus’ Chris Sullivan sees no logical link between Nvidia’s troubles and bitcoin, pointing instead to shorts above their August peak, large IBIT outflows, extreme fear and the chance of a 50bp Fed hike within 30 days. Nvidia CEO Jensen Huang’s exit (shares fell as much as 14% on November 12) and Strategy’s MSCI removal at the November 30 close added pressure, though Schwab’s Jim Ferraioli said the timing of the sharpest drop, around 11 p.m. Eastern, suggests neither was the direct trigger. Strive CEO Matt Cole notes bitcoin fell 19% in the 50 days before SpaceX listed versus 18% before Anthropic; after SpaceX it bottomed 18 days later and was 28% higher by day 100. A repeat would put bitcoin near $90,000 by late February, though Strategy-related selling concerns also played a role then.
Global Stock Funds Draw $98 Billion in a Week, Second-Largest Inflow Ever, as Investors Buy the Dip
Global equity funds took in a net $98B in the week to November 14, the second-largest weekly inflow on record and the fifth straight week of inflows, totaling about $350B. The four-week average rose to about $75B, a record; at the 2021 meme-stock peak it reached only about $45B. Global tech funds drew $2.6B in the week and $9.1B over three weeks despite the selloff. US spot bitcoin ETFs have swung to $1.56B in net outflows for 2026.
Most Active Bitcoin Supply Now Held at a Loss as Share in Profit Drops Below 45%
Less than 45% of bitcoin’s active supply is held at a profit, excluding coins unmoved for more than 10 years. Readings below 40% have often coincided with lows of market corrections, while readings near 100% have tended to raise reversal risk. Some investors use this as a contrarian signal. Bitcoin trades near $67,000, its lowest since August.
MSBT added about 735 BTC (about $52.87M) this week, per Arkham, bringing holdings to 11,625 BTC, worth about $784M, while US spot bitcoin ETFs overall saw heavy outflows. It took in $20M on November 10 as other funds lost money. Separately, Morgan Stanley’s Solana ETF (MSOL) moved 24,452 SOL to an exchange address Saturday morning, possibly to sell.
Nvidia Says No CEO Talks Underway as "Stand With Jensen" Petition Tops 77,900 Signatures
Nvidia says it is still selecting a search firm and has “not formally engaged with any potential candidates,” calling speculation premature, per Bloomberg. This followed an FT report that the board approached Arm CEO Rene Haas; Arm fell nearly 10% Friday before paring losses. Nvidia cut ties with Huang on Thursday over a scandal involving extramarital affairs and reports he was targeted by a suspected Chinese spy. A petition to reinstate him has more than 77,900 signatures, over 41,900 self-identified shareholders and 5,200 current or former employees, alleging removal “without meaningful due process.” Elon Musk signed and is lead signatory; Marc Andreessen and Garry Tan are also listed. The site notes all identities are self-reported and unverified.
