Longtime Wall Street trader and macro analyst Jordi Visser has described Bitcoin's current market phase as an "IPO moment," where early adopters are gradually selling their holdings to a broader investor base, reshaping the asset's dynamics. In a discussion on Anthony Pompliano's podcast and a Substack note, Visser explained that dormant Bitcoin wallets—often belonging to the earliest believers—are moving coins for the first time in years, but not in panic; instead, it's a steady, natural evolution.
Visser compared this transition to a startup's initial public offering (IPO), where founders and venture capitalists cash out while the public steps in to buy. He emphasized, "It's not chaos, it's progress," noting that Bitcoin's early concentration of wealth is slowly giving way to wider distribution, a hallmark of maturity for any asset class. Over the past week, Bitcoin has traded in a tight range between roughly $106,000 and $116,000, showing little response to broader risk-asset rallies, which Visser attributes to this distribution cycle.
The analyst argued that this sideways consolidation mirrors post-IPO behavior in traditional markets, where insiders sell and new investors accumulate cautiously. He estimates such cycles typically unfold over six to eighteen months, and Bitcoin's current phase is around the six-month mark. Despite the Crypto Fear & Greed Index hovering in "fear" territory, underlying confidence remains strong, with exchange-traded funds attracting consistent inflows, Bitcoin's hash rate hitting record levels, and stablecoin growth reinforcing liquidity. Visser highlighted that every price dip still finds demand, proving conviction persists even as short-term sentiment wanes.
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