Bitcoin fell to around $68,000 overnight, its lowest since August, extending a slide of more than 20% since early October as a series of market shocks weighed on crypto. It was last trading near $67,240.

Analysts disagree on what’s driving the latest drop. Some point to investors raising cash for Anthropic’s IPO, while others see a broader move out of riskier assets.

Anthropic IPO Draws Six Times More Orders Than Shares

Anthropic’s IPO, which could raise up to $64.4 billion, is about six times oversubscribed, Bloomberg reported. That means investors have placed orders for six times as many shares as are on offer.

Seamus Rocca, CEO of Xapo Bank, said the opening of the order books is pulling money out of liquid markets as investors…