Bitcoin showing signs of being in the midst of initial coin offering, analyst says

Macro analyst Jordi Visser posits that Bitcoin is experiencing an unofficial Initial Coin Offering (ICO) phase, analogous to a traditional Initial Public Offering (IPO). This phase is characterized by early, long-term holders selling their dormant coins steadily, while new investors accumulate on dips, leading to a broader distribution of supply. Visser notes this shift replaces the "excitement of concentration" with the "durability of distribution," signifying success as ownership transfers from visionaries to long-term holders. This process results in price consolidation—a sideways grind—even amid broader market rallies, frustrating many observers. Visser argues that while fundamentals remain strong (evidenced by ETF approvals and high hashrates), the market is behaving like a stock post-IPO lock-up expiration. He expects this consolidation phase to last several months, ultimately leading to reduced volatility once ownership is sufficiently distributed.

(Source：Cointelegraph)