Macro analyst and Wall Street veteran Jordi Visser stated that Bitcoin is in its Initial Public Offering (IPO) phase, with early holders rotating out and new funds rushing to buy tokens, distributing supply to a broader audience.
In a Saturday episode of entrepreneur Anthony Pompliano's podcast and Substack post, Visser mentioned that old coins, which have been dormant for years, are now flowing, "not in a one-off manner. Not panic-driven. But steadily," as new investors are stepping in to "buy the dips."
"In the traditional world, this moment is referred to as an IPO. It’s the moment when early believers cash out, when founders become wealthy, and when venture capitalists return funds to limited partners," he said.
Bitcoin (BTC) has fluctuated between $106,786 and $115,957 over the past week. Visser noted that when a company goes public and early investors start selling their positions, stocks often consolidate even during broader market rebounds.
New holders are accumulating Bitcoin, but they are acting cautiously, waiting to become more aggressive after the distribution in the broader market is completed.
"And the result? A frustrating sideways grind that drives everyone crazy. The fundamentals are good. The broader market is rebounding. But stocks are just… sitting there," Visser said. "The consolidation is frustrating. Sentiment is poor."
"This is exactly the pattern you see when the lock-up period expires after a major IPO. Stocks don’t crash. They consolidate. Early investors sell. New long-term holders accumulate. Ownership shifts from visionaries to institutions," he added.
The Crypto Fear and Greed Index, which tracks sentiment in the Bitcoin and cryptocurrency markets, has returned to a "fear" rating since Wednesday, with last week's average rating also being fear.
However, Visser believes that people still have confidence in the underlying asset, as evidenced by ongoing exchange-traded fund approvals, Bitcoin network hash rate hitting new highs, and growth in stablecoin adoption.
"In a bear market, there are no buyers. Price collapses because everyone wants to exit, and no one wants to enter. But look at what’s actually happening: Bitcoin is consolidating, not crashing. Every dip sees buyers. Prices are not making new lows but are holding within a range," Visser said.
According to Visser, the "IPO" phase may last for some time, as they typically last six to 18 months. Although Bitcoin moves faster than standard assets, this process is still roughly at the six-month mark on the timeline.
When it ends, one possible outcome could be reduced volatility, as ownership is distributed among more people, not just early holders and founders.
Related: Bitcoin (BTC) has achieved an $8 billion market cap increase, but the recovery still lacks ETF inflows.
Original article: “Wall Street veteran Jordi Visser: Bitcoin (BTC) is entering the IPO phase”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
