Bitcoin Could Be in the Middle of an Unofficial Initial Coin Offering (ICO), Says Analyst
Bitcoin might currently be experiencing what macro analyst and Wall Street veteran Jordi Visser describes as an unofficial initial coin offering (ICO). In a recent episode of entrepreneur Anthony Pompliano’s podcast, and through a detailed Substack post, Visser explained that original Bitcoin holders — the “OG coin holders” — are gradually rotating out of their positions. Meanwhile, new investors are scooping up tokens, distributing the supply across a broader base of holders.
### Old Coins Are Moving, But Not in Panic
Visser noted that old Bitcoin coins, dormant for years, are now on the move. However, this isn’t a sudden or panicked sell-off. Instead, the process is steady and measured. Fresh investors are stepping in, “accumulating on dips” and creating a shift in ownership.
“In the traditional world, this moment is called an IPO,” Visser said. “It’s the moment when early believers cash out, when founders become wealthy, when venture capitalists return money to their limited partners.”
He added, “The excitement of concentration is being replaced by the durability of distribution. The early believers are passing the torch to long-term holders who bought at higher prices and have different motivations. This is what success looks like. This is Bitcoin having its IPO.”
### Bitcoin’s Sideways Movement Reflects Consolidation
Over the past week, Bitcoin (BTC) has fluctuated between $106,786 and $115,957. Visser explained that when a company goes public and early investors begin selling shares, the stock often consolidates—even during broader market rallies.
Similarly, new investors are accumulating Bitcoin cautiously, waiting for the broader distribution phase to complete before getting more aggressive.
“The result? A sideways grind that drives everyone crazy,” Visser said. “The fundamentals are fine. The broader market is rallying. But the stock just sits there.”
He further explained, “The consolidation is frustrating. The sentiment is terrible. This is the exact pattern you see after a major IPO when lock-up periods expire. The stock doesn’t crash; it consolidates. Early investors sell. New long-term holders accumulate. Ownership transfers from the visionaries to the institutions.”
### Strong Faith Despite Price Pressure
Despite recent price pressure, faith in Bitcoin remains strong. The Crypto Fear & Greed Index, a key market sentiment indicator, has been showing “fear” since Wednesday and averaged fear over the past week. Even so, Visser sees ongoing signs of confidence in Bitcoin’s fundamentals.
These include ongoing approvals of Bitcoin exchange-traded funds (ETFs), record-high Bitcoin network hashrate, and increasing adoption of stablecoins.
“In a bear market, there are no buyers,” Visser explained. “Price collapses because everyone wants out and nobody wants in. But look at what’s actually happening: Bitcoin is consolidating, not collapsing. Every dip gets bought. The price isn’t making new lows, it’s holding a range.”
He added, “The divergence from risk assets is confusing. But the fundamentals are stronger than ever. And the structure—the distribution of holdings from concentrated to fragmented—is exactly what Bitcoin needs to graduate from a revolutionary experiment to a durable monetary asset.”
### The IPO Process Is Ongoing
According to Visser, the “IPO” phase of Bitcoin’s evolution will likely continue for some time. Typically, such IPO-like distribution periods last between six to 18 months. Although Bitcoin moves faster than traditional assets, this process is currently around the six-month mark.
Once complete, one anticipated outcome is reduced volatility, as ownership is spread among many more holders rather than concentrated among early investors and founders.
“For now, expect continued consolidation,” Visser advised. “Expect Bitcoin to keep frustrating people by not rallying with risk assets. Expect the sentiment to remain poor for a little while longer, but be wary because there will be no clear signal. It will just start because the good news is already present.”
—
*Bitcoin’s transition toward broader ownership marks a pivotal stage in its maturation as a global monetary asset—ushering in stability and long-term durability beyond its initial experimental phase.*
https://cointelegraph.com/news/bitcoin-unofficial-ipo-phase-jordi-visser-analysis?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound