Bitcoin fell 19% into the SpaceX IPO back in June, bottomed a couple weeks after it listed, and then ran hard. Now Anthropic lists Thursday and Bitcoin is sliding into it the same way, and the selling we can actually see is leveraged longs getting wiped out and ETF money leaving, not retail. Could end up being one of the most important setups of the year as we round out Q4. Shoutout to @ColeMacro for the data. The IPO pattern 0:00 Two biggest IPOs ever 0:52 Who's actually selling 1:39 Bitcoin after SpaceX 2:50 SpaceX topped, BTC bottomed 3:35 Where Bitcoin is now 4:21 Nvidia and the Fed 5:00 The map 5:34 December 7th 6:05 The bear case 6:34 What changes my mind 7:17 Last Line 7:45