Why Bitcoin’s “Silent IPO” Has Everyone’s Patience Running Low (But Hold Tight!)

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Markets

What to know:

  • Bitcoin didn’t technically have an IPO, but its current behavior is basically the same as a stock IPO, says analyst Jordi Visser.
  • It could take months (or even years!) for bitcoin’s price to recover from early investors cashing out, just like stocks after their IPOs.

Okay, so it’s not exactly breaking news that bitcoin is doing the financial equivalent of a toddler throwing a tantrum while the rest of the market celebrates. Other risk assets have been cruising at record highs, while BTC is just kind of…meh.

Enter Jordi Visser, a traditional finance asset manager who decided to drop some knowledge bombs in a viral essay (1.5M views on X-yes, that’s a real number). The title? “Bitcoin’s Silent IPO: Why This Consolidation Isn’t What You Think.” Spoiler alert: it’s about the same reasons stock IPOs usually suck.

Visser makes a compelling argument. Even though Bitcoin didn’t throw an official IPO party, the reasons behind its current price struggle are almost exactly the same as those dreaded post-IPO price dips we’ve seen in stock market history.

Visser reminds us that IPOs, especially in the tech world, are major liquidity events for early investors. Translation: They need to cash out, and they’re going to do it slowly (because they don’t want to ruin everyone’s fun by crashing the price). Think of them as a very patient ex. They’re letting go, but they’re doing it with style.

Take the 2012 Facebook IPO. The company raised a cool $16 billion, only for their stock price to drop like a rock-30% lower just a year later. Was it because Zuckerberg didn’t know what he was doing? Well, probably not. More likely, it was the early investors cashing out, getting their payday. (Thanks, Zuck’s Harvard buddies.)

Visser says the important thing here is that those early investors aren’t dumping everything at once. Oh no. They’re letting their positions go little by little. They don’t want to “crater the price,” and they’ve waited YEARS for this. So, patience is key.

The result? A sideways grind that makes everyone want to pull their hair out. But hey, does that sound familiar to anyone? 🎯

Economic forces don’t disappear

“The on-chain data tells a story,” says Visser, putting on his detective hat. “Old coins-coins that haven’t moved since Bitcoin was, like, five bucks-are suddenly becoming very active.” Yep, that’s the sound of early investors waking up from their financial naps.

So, what’s happening now? Bitcoin’s getting more love from ETFs, institutions, and friendly regulators. It’s creating an IPO-like environment for Bitcoin’s original believers. Which is nice for them, but not so great for price action. 🤑

Visser goes on to say, “For years, liquidity was like a unicorn-nonexistent. But now, we’ve got ETFs. Big companies are hoarding bitcoin like it’s the new gold. And sovereign wealth funds are jumping on board. Bitcoin has finally matured enough for early investors to exit without causing total chaos.”

But, once again: This is happening slowly. Think of it as a slow dance to the finish line. The rallies will be fast, the dips will come quickly, and you’ll be left wondering if you’ve aged a decade in the process. 💃

Patience required

Now, Visser is quick to clarify: this isn’t a bear market. Nope. This is just a distribution of ownership. You can think of it like a slow-moving game of musical chairs, where the music stops and someone finally gets to sit on the throne of Bitcoin ownership. 🪑

In the long run? Totally bullish. But for now, the process could take anywhere between 6 to 18 months (depending on how fast you’re willing to get your hopes crushed). In the crypto world, cycles tend to speed up, so maybe-just maybe-this will be done sooner.

Visser says: “Once the selling pressure lifts and the institutions have quietly absorbed the OG supply, then maybe the path forward will be clearer. Until then, just breathe, okay? 😅 People are demoralized because they don’t understand where they are in the process. But trust me, this is going to work out… eventually.”

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2025-11-02 18:05