Bitcoin enters 'unofficial IPO phase'…early holders sell, long-term investors continue to flow in

Bitcoin (BTC) has been trading sideways in the short term, but analysis suggests the market structure is entering a new phase. Wall Street veteran and macro analyst Jordi Visser said on the 2nd (local time) on Anthony Pompliano's podcast and in a Substack post that "Bitcoin has now entered a kind of unofficial initial public offering (IPO) phase."

Visser said, "Old Bitcoin is slowly moving and passing to new investors," adding, "It's neither panic nor a sharp move, but the composition of holders is steadily changing." He explained, "In traditional markets, this is similar to the IPO moment. Early investors realize gains, new investors come in, and the asset becomes more broadly distributed."

Visser said, "Bitcoin's early believers are passing the torch to the next generation of investors," and evaluated, "This is a sign of success rather than failure, a process in which Bitcoin matures from a short-term speculative asset to a long-term monetary asset."

Bitcoin has fluctuated between $106,786 and $115,957 over the past week without a clear trend. Visser likened this to "a company whose stock trades sideways after listing as early investors take profits." He added, "A distribution process is underway, and new investors are cautiously buying until the price stabilizes."

Despite deteriorating market sentiment, Visser judged that the fundamentals (underlying strength) remain solid. He emphasized, "Bitcoin is not collapsing but is consolidating while trading sideways. Even when selling pressure emerges, buying demand absorbs it, and the price is moving within a range without making new lows." In fact, recent approvals of Bitcoin spot ETFs in the U.S. and the network hash rate reaching an all-time high are interpreted as indicators that long-term trust is being maintained.

Visser also said, "This structural change is a process in which Bitcoin evolves from a revolutionary experimental phase into a sustainable monetary asset," predicting, "As holdings that were concentrated in certain groups gradually disperse, volatility will decrease and market stability will increase."

He predicted, "This 'IPO phase' typically lasts about 6 to 18 months, and we are currently around the six-month mark," adding, "When this period ends, volatility will ease and the investor base will be much broader."

Visser said, "The current frustrating sideways movement is not a sign of anxiety but part of a structural transition," and added, "The market will begin to move without clear signals, and by that time 'good news' will already be priced in."