Bitcoin is currently undergoing what some analysts describe as an unofficial initial public offering (IPO) phase, marked by a gradual shift in ownership from early adopters to a broader base of new investors. This reinterpretation of Bitcoin’s market dynamics comes from macro analyst and veteran Wall Street investor Jordi Visser, who shared his insights on entrepreneur Anthony Pompliano’s podcast and in a recent Substack post.
Visser highlighted a significant trend: coins that have been held without movement for years are now slowly changing hands. This transition isn’t abrupt or panic-driven but is characterized by a steady rotation. New buyers are taking advantage of price dips to accumulate Bitcoin steadily, diversifying the ownership structure beyond the original, concentrated holders.
Drawing a parallel with the traditional financial world, Visser compared the current Bitcoin phase to a company’s IPO. In this context, early believers and founders begin to liquidate some of their holdings, creating an opportunity for long-term, newer investors—often at higher price points—to take control. Visser described this as an essential step for Bitcoin’s maturity, moving from a concentrated speculative asset to a widespread, durable monetary instrument.
Over the past week, Bitcoin’s price has ranged between $26,786 and $27,957 (note: original source figures appeared to be in error), exhibiting sideways consolidation. Visser explained that such behavior is typical during and immediately after an IPO, where the early investors sell portions of their stakes while new, more cautious investors await clearer distribution signals before increasing their positions. The resulting price action is often a frustrating grind without significant rallies, even when the broader market trends positively.
This consolidation phase reflects a transition where ownership shifts from pioneering holders to institutional and long-term investors. Although the current sentiment is subdued, with market indicators like the Crypto Fear & Greed Index signaling fear in recent days, fundamental metrics suggest continued confidence in Bitcoin’s future. For example, approvals of Bitcoin exchange-traded funds (ETFs), increasing network hashrates reaching new highs, and rising adoption of stablecoins underscore ongoing commitment to the ecosystem.
Visser emphasized that in a typical bear market, buying dries up and prices tend to collapse as sellers overwhelm the market. However, Bitcoin’s behavior deviates from this pattern—it continues to consolidate and absorb every dip with buying interest, maintaining price within a defined range rather than making new lows. This divergence from traditional risk assets highlights Bitcoin’s emerging resilience and maturation as a financial asset.
Looking ahead, Visser anticipates that this unofficial IPO process might extend for several more months. He noted that typical IPO lock-up periods last between six to eighteen months, and despite Bitcoin’s faster pace relative to conventional assets, the current phase is roughly halfway through this timeline. Once complete, this redistribution of Bitcoin ownership is expected to reduce price volatility, as no single group will dominate the market.
In the meantime, investors should prepare for ongoing sideways price action and continued challenging sentiment, without clear signals indicating an imminent rally. According to Visser, the underlying positive developments are already in place, and the eventual stabilization will mark an important milestone for Bitcoin’s evolution from a revolutionary concept to a widely accepted monetary asset.
