Bitcoin Appears to Enter “IPO Phase” as Early Holders Exit and New Investors Step In
Bitcoin is currently undergoing a significant transformation that mirrors the early stages of a traditional initial public offering (IPO), according to macro investor and seasoned Wall Street analyst Jordi Visser. In his recent commentary, Visser likens the current crypto market behavior to what typically happens when a company goes public: early stakeholders begin to offload their positions while a broader pool of new investors begins to accumulate holdings, signaling progress toward a more mature and widely distributed asset.
Visser emphasizes that the activity observed on the Bitcoin network — including long-dormant coins becoming active again and steady accumulation by new participants — reflects a healthy transition. Rather than panic selling, early adopters are gradually reducing exposure, while fresh capital cautiously enters the market, often buying during price dips. This redistribution of ownership suggests a maturing market rather than one in decline.
“In the equity world, this is the hallmark of an IPO,” Visser explains. “It’s the stage when founders and early backers start cashing out, and institutional investors begin positioning for long-term gains. Bitcoin is showing similar characteristics now.”
Over the past week, Bitcoin’s price has remained range-bound, fluctuating between $106,786 and $115,957. While the broader cryptocurrency market shows signs of strength, Bitcoin itself appears to be consolidating. This pattern, according to Visser, is typical following major IPOs. Post-lockup periods often see prices stabilize rather than surge, as early investors exit and new ones take their time to build positions.
This phase of consolidation, although frustrating for traders expecting high volatility and sharp price moves, is not a negative signal, Visser argues. “The fundamentals are solid. The sentiment, on the other hand, is deteriorating because of the lack of price movement. But this is exactly what happens in traditional IPOs — the asset doesn’t crash, it just trades sideways while ownership transitions.”
Supporting this view is the Crypto Fear & Greed Index, which has consistently signaled “fear” in recent days. Despite that, Bitcoin’s price structure remains resilient. Every downward move is met with buying interest, and rather than establishing lower lows, the asset continues to hold steady within a defined range.
Visser also points to several bullish indicators that suggest continued faith in Bitcoin’s long-term potential. These include new approvals of exchange-traded funds (ETFs), a surging network hashrate — indicating robust miner activity — and the increasing use of stablecoins, which provide liquidity and ease of access to crypto markets.
“In real bear markets, buyers disappear. Prices crash as everyone rushes to exit with no one on the other side of the trade,” Visser says. “But that’s not what we’re seeing here. The price is stable. Dips are being bought. There’s a base forming. That’s a sign of strength, not weakness.”
He predicts that the current IPO-like phase could continue for several more months. Traditional IPO lock-up periods and consolidation phases usually last between six to 18 months, and although Bitcoin tends to move faster than traditional assets, this process is still within the early-to-mid stages of that timeline.
As this phase unfolds, one major outcome could be a reduction in Bitcoin’s notorious price volatility. With ownership increasingly spread across a larger and more diverse group of investors — particularly institutional ones — the asset could experience more orderly price movements, further cementing its role as a mature financial asset.
This transition also carries implications for long-term investors. As early adopters — often referred to as “OGs” in the crypto space — exit, newer participants, including hedge funds, asset managers, and retail investors, are stepping in. This redistribution not only democratizes ownership but also helps stabilize the market since it reduces the impact of large-scale sell-offs by a small group of holders.
Moreover, the growing institutional interest in Bitcoin through ETFs and custody services reflects a shift in perception. Bitcoin is no longer viewed solely as a speculative asset but is increasingly being treated as a legitimate component of diversified investment portfolios. This institutional validation could serve as a foundation for the next major bull cycle once the consolidation phase concludes.
Another important factor supporting the maturation narrative is the record-high Bitcoin network hashrate. A strong and growing hashrate implies higher security and long-term commitment from miners, who invest in costly infrastructure with the expectation of sustained profitability. This aligns with the broader theme of the network becoming more resilient and trusted over time.
Additionally, the rise of stablecoins tied to the Bitcoin ecosystem introduces greater liquidity and easier access for new investors. With stablecoins acting as on-ramps and off-ramps for digital assets, the market becomes more efficient and less prone to extreme swings caused by liquidity shortages.
In summary, while Bitcoin may currently seem stagnant in terms of price action, the underlying structural changes point to a significant maturation phase. The ongoing redistribution of supply, increased institutional involvement, and stronger network fundamentals all suggest that Bitcoin is transitioning from a niche speculative asset to a globally recognized store of value and financial instrument.
Investors and observers should view this IPO-style phase not as a period of weakness, but as a necessary and healthy evolution that lays the groundwork for future growth. As the dust settles and a new generation of holders takes the reins, Bitcoin may emerge with greater stability, broader acceptance, and renewed momentum.