Bitcoin Acting Like An ICO—What This Could Mean

According to macro analyst Jordi Visser, dormant bitcoin is moving again and new buyers are stepping in. Visser spoke on Anthony Pompliano’s podcast and wrote about the trend on Substack, saying old holders are slowly selling while fresh investors pick up coins on dips. He compared what’s happening to an IPO (initial public offering), where early backers cash out and ownership spreads to a wider group.

Price Action Has Been Flat And Frustrating

Bitcoin traded between $109,000+ and $110,500+ over the last seven days, a range that has left traders impatient. Reports show the Crypto Fear & Greed Index returned “fear” readings since Wednesday and averaged fear during the prior week. Yet every pullback has been met by buyers, which suggests accumulation is taking place even as sentiment reads poorly.

Network Signals Remain Strong

Visser pointed to several industry signals as evidence that this is not a collapse. ETF approvals keep arriving, the bitcoin network hashrate has hit new highs, and stablecoin activity is growing.

It was a busy week with many macro catalysts (Us-China, Fed, Mag7 earnings and Zelle/Stabledoins). Pomp and I go through it all and how the last two months look for assets. https://t.co/1mv6FCNYGF

— Jordi Visser (@jvisserlabs) November 1, 2025

Those facts are being cited by analysts who argue the market is redistributing holdings rather than unraveling. In other words, supply is moving from long-idle wallets into hands that buy on weakness.

What This Means For Volatility

Based on Visser’s view, the current phase could continue for some time. He estimates an IPO-like cycle can last about six to 18 months in traditional markets, and while bitcoin moves faster, the process may still stretch toward the six-month mark on his timeline.

When distribution finishes, one likely result is lower volatility, because ownership will be scattered across more participants instead of concentrated among early believers.

No Loud Signal Expected To Mark The Shift

Reports have disclosed that the change may not start with a big breakout or collapse. Instead, the market could simply stop grinding and begin a clearer move as distribution completes.

That lack of a single trigger is frustrating for traders who want a clear sign, but it is familiar to anyone who has watched post-IPO stocks settle after lock-up expiries.

A Measured Take On The Market

Visser’s interpretation is cautious rather than bullish hype. He does not promise a rapid rally. He points to steady on-chain activity and institutional interest as the backbone supporting his thesis.

Featured image from Pexels, chart from TradingView

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