Jordi Visser, a macro analyst and longtime Wall Street entrepreneur, says Bitcoin is in an initial product offering (IPO) phase where OG holders take turns and new blood collects tokens, distributing the supply to more people.
On Saturday's episode of entrepreneur Anthony Pompliano's podcast and posted on Substack, Visser said legacy currencies that have been dormant for years are moving in, “not all at once. Not in a panic. But steadily,” and new investors are stepping in, “and piling on the dips.”
“In the traditional world, this moment is called an IPO,” he said. “It’s the moment when the early believers cash out, when the founders get rich, when the venture capitalists return money to their limited partners.”
“The thrill of concentration is replaced by the solidity of distribution. Early believers pass the torch to long-term holders who bought at higher prices and have different motivations. This is what success looks like. This is a Bitcoin IPO.”
Bitcoin is moving sideways in a consolidation move
Bitcoin (BTC) prices have ranged between $106,786 and $115,957 over the past seven days. When a company goes public and early investors start selling their positions, the stock often consolidates, even during broader market rallies, Visser said.
New hands are hoarding Bitcoin but are moving cautiously, waiting for the distribution to be completed among the broader market before becoming more aggressive.
“The result? A sideways move that drives everyone crazy. The fundamentals are good. The broader market is going up. But the stock just… sits there,” Visser said. “The consolidation is depressing. Morale is terrible.”
“This is the exact pattern you see after a big IPO when the lock-up periods end. The stock doesn't collapse, it consolidates. Early investors sell. New holders pile in for the long term. Ownership shifts from visionaries to institutions,” he added.
Confidence remains strong, despite price pressures
The Crypto Fear & Greed Index, an index that tracks market sentiment toward Bitcoin and cryptocurrencies, has returned to “fear” ratings since Wednesday, and also received the average fear rating for the previous week.
However, Visser believes there is still confidence in the underlying assets, as demonstrated by ongoing exchange-traded fund approvals, the Bitcoin network hash rate reaching new highs, and growing adoption of stablecoins.
“In a bear market, there are no buyers. The price collapses because everyone wants out and no one wants in. But look at what actually happens: Bitcoin is consolidating, not collapsing. Every dip is bought. The price is not making new lows, it is holding a range,” Visser said.
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“The divergence from risky assets is confusing. But the fundamentals are stronger than ever. The structure, the distribution of holdings from concentrated to fragmented, is exactly what Bitcoin needs to graduate from a revolutionary experiment into a durable cash asset.”
The IPO process will continue
The “IPO” phase is likely to last longer, according to Visser, because it typically lasts six to 18 months, and while Bitcoin moves faster than standard assets, the process is still around the six-month mark on the timeline.
When it ends, one result will likely be reduced volatility, as ownership is distributed among many people, rather than just the early owners and founders.
“For now, expect consolidation to continue. Expect Bitcoin to continue disappointing people by not rising with risky assets. Expect sentiment to remain weak for a bit longer but be careful because there will be no signal. It will only start because the good news is already there.”
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