Veteran macro investor Jordi Visser believes Bitcoin is entering a new chapter — one that resembles the public listing of a major company.

The longtime Wall Street trader argues that the market is now experiencing a slow but decisive transfer of ownership from early believers to a broader investor base, reshaping the asset’s future dynamics.

In a discussion on Anthony Pompliano’s podcast and a follow-up note on Substack, Visser explained that dormant Bitcoin wallets – often belonging to the earliest adopters – are starting to move coins for the first time in years. The activity, he said, doesn’t reflect panic selling but a natural evolution as long-term holders pass the baton to a new generation of investors accumulating during price pullbacks.

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We also dive into Bitcoin, AI, and tokenized assets — explaining how these forces, alongside Tesla’s innovations, are shaping the next major… pic.twitter.com/AWccAqOYz4

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From Founders to the Crowd

Visser compared the transition to what happens when a startup finally lists its shares on the stock market. Founders and venture funds take profits, while the public steps in to buy. “It’s not chaos, it’s progress,” he said, noting that Bitcoin’s early concentration of wealth is slowly giving way to wider distribution – a hallmark of maturity for any asset class.

In traditional markets, that kind of change often brings temporary stagnation. The analyst argued that Bitcoin’s recent sideways movement is part of that process. Over the past week, the cryptocurrency has traded within a tight range between roughly $106,000 and $116,000, showing little response to broader risk-asset rallies.

A Market Caught in Transition

This cooling phase, according to Visser, mirrors how newly public companies behave after their initial offering. When insiders sell and institutional investors are still building positions, momentum slows and frustration grows among traders expecting a quick rebound. The price doesn’t collapse – it simply grinds sideways until new equilibrium forms.

Bitcoin’s current pattern, he suggested, follows that same logic. Early holders are monetizing their gains, while long-term buyers and institutions are quietly accumulating with caution. The process could continue for several more months as supply becomes more dispersed across the market.

Confidence Persists Beneath the Surface

Despite the choppy performance, underlying confidence in Bitcoin’s fundamentals remains intact. The Crypto Fear & Greed Index has hovered in “fear” territory, signaling weak short-term sentiment. Yet, activity across the ecosystem tells a different story – with exchange-traded funds attracting consistent inflows, Bitcoin’s hashrate reaching record levels, and stablecoin growth reinforcing liquidity in the system.

Visser highlighted this divergence as a sign of strength, not weakness. In his view, a bear market is defined by buyers disappearing altogether. That isn’t what’s happening now. “Every dip still finds demand,” he wrote, arguing that the market’s ability to hold its range proves that conviction remains strong even as optimism fades.

What Comes Next

If Visser’s “IPO analogy” holds true, the transition phase is far from over. He estimates that such distribution cycles typically unfold over six to eighteen months before volatility begins to taper off. As Bitcoin’s ownership base expands, its price behavior may start to resemble that of established macro assets – less extreme, but more stable.

For now, he expects Bitcoin to remain in consolidation while traders grow impatient. The irony, he said, is that by the time sentiment finally turns, the groundwork for the next major rally will already be complete.