Bitcoin
Veteran macro investor Jordi Visser believes Bitcoin is entering a new chapter, one akin to a major company going public.
The longtime Wall Street trader argues that the market is currently undergoing a slow but decisive transfer of ownership from early believers to a broader investor base, reshaping the future direction of assets.
In a discussion on Anthony Pompliano’s podcast and a follow-up note on Substack, Visser talks about the dormant Bitcoin In many cases, wallets owned by early adopters are starting to move coins for the first time in years. He said the move did not reflect panic selling, but rather a natural evolution as long-term holders pass the baton to a new generation of investors who have saved up during the price decline.
I talked to @jvisserlabs About the Fed’s interest rate cuts, US-China trade trends, and their impact on global markets.
We also dive into Bitcoin, AI, and tokenized assets, and explain how these forces and Tesla’s innovations are shaping the next big thing. pic.twitter.com/AWccAqOYz4
— Anthony Pompliano 🌪 (@APompliano) November 1, 2025
From the Founders to the Crowd
Visser likened the transition to what happens when a startup eventually goes public on the stock market. While founders and venture funds profit, the general public buys in. “This is progress, not disruption,” he said, noting that Bitcoin’s initial concentration of wealth is gradually giving way to broader distribution, a hallmark of the maturation of any asset class.
In traditional markets, this type of change often causes temporary stagnation. The analyst argued that Bitcoin’s recent sideways movement is part of that process. Over the past week, the cryptocurrency has been trading within a narrow range between about $106,000 and $116,000, showing little reaction to broader gains in risk assets.
Market in transition
Visser said this cooling-off phase reflects how newly public companies behave after an initial public offering. Momentum slows when insiders sell and institutions are still building positions, increasing frustration among traders hoping for a quick rebound. Rather than collapsing, prices simply move sideways until a new equilibrium is formed.
He suggested that Bitcoin’s current pattern follows the same logic. While early holders are monetizing their gains, long-term buyers and institutional investors are cautiously and quietly accumulating. This process could continue for several more months as supply becomes more dispersed across the market.
Confidence persists beneath the surface
Despite the volatile performance, fundamental confidence in Bitcoin’s fundamentals remains intact. The Crypto Fear & Greed Index remains in the “fear” region, indicating weakness in short-term sentiment. But activity across the ecosystem tells a different story. Exchange-traded funds attract consistent inflows, Bitcoin’s hashrate reaches record levels, and stablecoin growth strengthens liquidity in the system.
Visser emphasized that this difference is a sign of strength, not weakness. In his view, a bear market is defined by the complete disappearance of buyers. That’s not what’s happening now. “For every dip, there is still demand,” he wrote, arguing that the market’s ability to maintain a range proves that confidence remains strong even as optimism fades.
what happens next
If Visser’s IPO analogy holds true, the transition phase is not over yet. He estimates that these distribution cycles typically take six to 18 months to unfold before volatility begins to decline. As Bitcoin’s ownership base grows, its price movements may begin to resemble those of established macro assets – less extreme, but more stable.
For now, he expects Bitcoin to continue falling as traders grow impatient. Ironically, by the time conditions finally turn around, the foundations for the next big rally will have been laid, he said.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any particular investment strategy or cryptocurrency. Always do your own research and consult a licensed financial advisor before making any investment decisions.
