This scene… If you didn’t realize how much Anthy loved Utena before, it’s dead obvious right here. I think a lot of people don’t understand why Anthy stabbed Utena the first time they watch this ending, and it took me a while to realize as well because of the shock of it, but it really is some of the best evidence for how much Anthy really cares for Utena.
See, Anthy didn’t actually expect Utena to win, she thought it was probably hopeless and that Utena would be defeated just like all the countless duelists before her… so when Utena started to hold her own against Akio and actually push him back, Anthy panicked. She knew that if Utena won, then Utena would be the one who be impaled on all those swords, but if Utena lost, if she just didn’t make it that far, then Anthy would be able to take all that pain instead just like she always had. In other words, she stabbed Utena with a single sword to try and save her from being stabbed by millions, even though she knew that she would be their target instead.