A quiet yet profound transition is currently unfolding in the Bitcoin market. This shift is being defined by veteran financial analyst and macro expert Jordi Visser as Bitcoin’s unofficial ‘Initial Public Offering (IPO)’ or ‘Initial Coin Offering (ICO)’ phase. This current movement is not just a price fluctuation; rather, it signifies a fundamental restructuring of Bitcoin’s ownership and its future stability.
The Bitcoin Form of a Traditional IPO
In the traditional financial world, when a company undergoes an IPO, its early backers (founders, venture capital investors) sell their stakes to the public. Consequently, the company’s ownership is decentralized from the hands of a few into thousands of new investors.
The same pattern is currently playing out in the Bitcoin market. Visser points out that coins that have been dormant for years or held for a very long period (Long-Term Holders – LTHs) are now coming into the market “unhurriedly, but steadily.”
According to Visser, “This is the moment for early believers to monetize. Moving away from concentration in the hands of a few, the Durability of Distribution now sets the foundation for Bitcoin to become a durable monetary asset.”
On-chain data for 2025 confirms this transition. The distribution ratio of Bitcoin held by holders for over a year has decreased by a few percentage points from its peak at the beginning of the year, indicating that approximately 1.8 million BTC have re-entered circulation. These coins are primarily moving into Institutional Cold Storage or to new retail investors.
The Mystery of Price Movement: Sideways Consolidation
The fact that Bitcoin’s price has been moving sideways within a tight range of $106,000 to $116,000 (in October 2025) without a significant breakout has caused frustration for many investors. However, Visser views this ‘consolidating move’ as a healthy sign.
After an IPO, as initial investors exit, new Long-Term Holders enter the market. They don’t engage in aggressive buying immediately but accumulate cautiously at a specific price point. The result is that the Bitcoin price appears to be sitting still without major movement, even when the stock market is surging. This consolidating move suggests that fundamentals are strong, even if market sentiment is poor.
On-chain data shows that major institutional investors and medium-sized wallets (holding between 10 and 10,000 BTC) continue accumulation whenever the price dips. The persistent decrease in Bitcoin Exchange Reserves and the simultaneous accumulation of coins in ETF and Custody Wallets further confirm this shift. This means coins are migrating from retail trading platforms to the permanent vaults of institutions.
The Strong State of Fundamentals
Even amidst Bitcoin’s consolidating move, several factors indicating its Underlying Health are advancing:
- ETF Success: The continuous success of US Spot Bitcoin ETFs has injected billions of new capital into Bitcoin. These ETFs have increased price discovery and financial market confidence in Bitcoin.
- Stablecoin Dominance: The use of Stablecoins became mainstream in 2025. Their transaction volume alone reached several trillion dollars in the first half of the year. Stablecoins serve as a strong indicator of the maturity of the Bitcoin network and the blockchain economy.
- Hashrate New Peaks: The Hashrate, which ensures the security of the Bitcoin network, continues to hit new peaks, demonstrating confidence in miners and network infrastructure.
As Visser states, “In a bear market, there would be no buyers. But now: every dip is being bought. Bitcoin is holding a range, avoiding a crash.” This indicates Bitcoin is transitioning away from a risky asset toward a Durable Monetary Asset.
When Will the Process Conclude?
Visser predicts that this “IPO” phase will continue for some time. In traditional markets, such distribution events can last anywhere from six to 18 months. Although Bitcoin is a fast-moving asset, this process has only just reached the six-month mark.
When this phase concludes, the ownership of Bitcoin is expected to be more decentralized, and Volatility will significantly decrease. This transfer of ownership from early visionaries to large institutional investors is crucial for Bitcoin’s future stability.
For now, Bitcoin may continue to move sideways and frustrate investors. But Visser assures that at the end of this quiet accumulation phase, Bitcoin will kick off its next rally without any prior announcement. “Because the good news is already priced into the market.”
