Bitcoin Acting Like An ICO—What This Could Mean

Macro analyst Jordi Visser has observed that dormant bitcoin is moving again, with new buyers stepping in and old holders slowly selling their coins. This trend is compared to an initial public offering, where early backers cash out and ownership spreads to a wider group. Visser discussed this trend on Anthony Pompliano's podcast and wrote about it on Substack, highlighting that fresh investors are picking up coins on dips. The price action of bitcoin has been flat and frustrating, trading between $109,000 and $110,500 over the last seven days. Despite the Crypto Fear & Greed Index showing fear readings, every pullback has been met by buyers, suggesting accumulation is taking place. Visser points to industry signals such as ETF approvals, increasing bitcoin network hashrate, and growing stablecoin activity as evidence that this is not a collapse. Analysts argue that the market is redistributing holdings rather than unraveling, with supply moving from long-idle wallets into hands that buy on weakness. The current phase could continue for some time, with Visser estimating that the process may stretch towards the six-month mark. When distribution finishes, one likely result is lower volatility, as ownership will be scattered across more participants instead of concentrated among early believers. Visser's interpretation is cautious rather than bullish hype, pointing to steady on-chain activity and institutional interest as the backbone supporting his thesis.