{"id":15716,"date":"2025-11-11T13:36:15","date_gmt":"2025-11-11T13:36:15","guid":{"rendered":"https:\/\/bitunikey.com\/news\/what-does-bitcoins-silent-ipo-tell-us-about-its-price\/"},"modified":"2025-11-11T13:36:27","modified_gmt":"2025-11-11T13:36:27","slug":"what-does-bitcoins-silent-ipo-tell-us-about-its-price","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/what-does-bitcoins-silent-ipo-tell-us-about-its-price\/","title":{"rendered":"What does Bitcoin\u2019s silent IPO tell us about its price"},"content":{"rendered":"<p><\/p>\n<div class=\"post-detail__content blocks\">\n<p class=\"is-style-lead\">Financial analyst Jordi Visser\u2019s Substack essay \u201cBitcoin\u2019s Silent IPO\u201d argues that Bitcoin\u2019s sideways trend mirrors an IPO phase, what does it mean?<\/p>\n<div id=\"cn-block-summary-block_9411e6207ef21e699bb758878414476c\" class=\"cn-block-summary\">\n<div class=\"cn-block-summary__nav tabs\">\n        <span class=\"tabs__item is-selected\">Summary<\/span>\n    <\/div>\n<div class=\"cn-block-summary__content\">\n<ul class=\"wp-block-list\">\n<li>According to Visser, Bitcoin is not in a bear market as fundamentals are favorable.\u00a0<\/li>\n<li>He explains relatively poor performance by the ongoing redistribution of wealth in Bitcoin: early investors are cashing out (it became possible thanks to high liquidity), and new investors are more cautious.\u00a0<\/li>\n<li>Visser says such market dynamics are normal for a company conducting an IPO, which is rather a maturation point, not a failure.<\/li>\n<li>Big tech stocks saw two-year consolidation phases after an IPO. Then, their prices were going up. The same may happen to Bitcoin.<\/li>\n<\/ul><\/div>\n<\/div>\n<p><!-- .cn-block-summary --><\/p>\n<div class=\"wp-block-rank-math-toc-block\" id=\"rank-math-toc\">\n<p>Table of Contents<\/p>\n<nav>\n<ul>\n<li><a rel=\"nofollow\" target=\"_blank\" href=\"#what-is-bitcoins-silent-ipo\">What is \u201cBitcoin\u2019s silent IPO?\u201d<\/a><\/li>\n<li><a rel=\"nofollow\" target=\"_blank\" href=\"#do-people-find-this-article-meaningful\">Do people find this article meaningful?<\/a><\/li>\n<\/ul>\n<\/nav>\n<\/div>\n<h2 class=\"wp-block-heading\" id=\"what-is-bitcoins-silent-ipo\">What is \u201cBitcoin\u2019s silent IPO?\u201d<\/h2>\n<p>Before bringing up the Bitcoin IPO concept, Visser states that the market sentiment in crypto \u201cis, frankly, brutal.\u201d He notes that while gold, Nasdaq, and S&amp;P 500 are going through their respective record or nearly record prices, Bitcoin (BTC) is anything but exciting. <\/p>\n<p>Despite reaching a new all-time high of $126,000 on Oct. 6, and amid strong ETF inflows, supportive U.S. regulation, and no major negative news, Bitcoin\u2019s price has been moving back and forth.<\/p>\n<p>Visser <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/visserlabs.substack.com\/p\/bitcoins-silent-ipo-why-this-consolidation\" target=\"_blank\" rel=\"nofollow\">tries<\/a> to explain why Bitcoin\u2019s price movements are not keeping up with other risk assets like gold and leading stocks. He argues that despite its decentralized nature and revolutionary origins, Bitcoin continues to follow familiar economic patterns. His main point is that Bitcoin is fine, it is just \u201chaving its TradFi version of an IPO.\u201d<\/p>\n<p>Early investors take risks and expect rewards if the venture succeeds. Eventually, they look to realize gains. \u201cThey need liquidity. They need an exit. They need to diversify,\u201d Visser writes. <\/p>\n<p>That is when traditional companies hold IPOs to reward founders and early investors while redistributing ownership, which marks a sign of maturity and success. \u201cIt is not a moment of failure, it is a moment of success. The company does not die during its IPO,\u201d he says.<\/p>\n<p>Visser adds that IPOs often come with price corrections, which does not mean a company is struggling. He compares Bitcoin\u2019s current \u201cunderperformance\u201d to that phase, noting that investors may find it confusing since Bitcoin has no IPO, which is normal because Bitcoin is not a company.<\/p>\n<p>For years, Bitcoin moved in tandem with tech stocks, but the correlation broke in December 2024. Visser attributes this to cautious new investors who are \u201cnot chasing,\u201d while early investors quietly cash out without crashing the market. <\/p>\n<p>The result is more subdued, uneven price action that seems detached from strong fundamentals, which, according to Visser, suggest that Bitcoin is not in a bear market.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<p>Here\u2019s how Visser describes the 2025 BTC price state:<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cIf this were a macro-driven weakness, Bitcoin would be falling with risk assets, not diverging from them. If this were a true \u201ccrypto winter,\u201d we\u2019d see panic, capitulation, and correlated selling across the entire space. Instead, we\u2019re seeing something much more specific: methodical, patient selling into stable bids.\u201d<\/p>\n<\/blockquote>\n<p>Visser views the reactivation of many long-dormant Bitcoin wallets in 2025 as confirmation of his thesis. Data from CryptoQuant <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.xt.com\/zh-CN\/blog\/post\/2025-breaks-record-for-bitcoin-awakening-as-dormant-wallets-move-billions\" target=\"_blank\" rel=\"nofollow\">shows<\/a> that 2025 marked the largest movements by inactive Bitcoin wallets in years. For the first time in a long period, Visser claims, early investors have enough market liquidity to sell their BTC holdings in bulk.<\/p>\n<p>He stresses that the growing distribution of Bitcoin matters more than concentration in a smaller number of wallets, as in the past. Visser mentions an <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/decrypt.co\/333592\/strategy-trump-media-absorb-galaxys-9-billion-bitcoin-novogratz\" target=\"_blank\" rel=\"nofollow\">example<\/a> of Galaxy Digital selling $9 billion worth of BTC to a single buyer in August 2025.<\/p>\n<p>Visser concludes that following the \u201cIPO moment,\u201d the BTC price may grow significantly. He mentions examples of Amazon, Google, and Facebook. All three tech giants went through two-year consolidation periods after their respective IPOs before going up.\u00a0<\/p>\n<p>So, Visser believes that the price swings will halt and patient investors will enjoy rewards.<\/p>\n<h2 class=\"wp-block-heading\" id=\"do-people-find-this-article-meaningful\">Do people find this article meaningful?<\/h2>\n<p>The article made rounds online and received positive feedback from the readers. Although the main takeaway is based on a bold assumption, many expressed admiration for the text, noting that it\u2019s timely and insightful. Some added that, unlike tech stocks, Bitcoin is a \u201cfinite asset,\u201d given its hard-capped total supply.\u00a0<\/p>\n<p>Others noted that while the piece is a worthy one, they cannot agree to some of its details. Some <a rel=\"nofollow\" target=\"_blank\" target=\"_blank\" href=\"https:\/\/x.com\/ClearLensPC\/status\/1984800844303446282\" rel=\"nofollow\">don\u2019t agree<\/a> that 2025 is the year when cypherpunks are selling (rather, those who invested in 2017-2018). Others pointed out that whales are not likely to sell Bitcoin. Rather, they prefer to keep collecting more Bitcoin.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Good read.  I just don\u2019t see an OG that clearly believes in bitcoin to sell at a mere 100k in its infancy of its true purpose.  Sell it for what? If you believe in bitcoin there is nothing to diversify into<\/p>\n<p>\u2014 DREW THOMAS \ud83e\udee1 \ud83c\uddfa\ud83c\uddf8 (@DrewThomas1985) <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/twitter.com\/DrewThomas1985\/status\/1984784552015900927?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">November 2, 2025<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<p>DeFi market blogger Ignas took to X to spread the word about Visser\u2019s text and added that Ethereum and Solana are lagging and are yet to \u201cwin\u201d like Bitcoin did. Their maturation phase is yet to come.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">While he doesn&#8217;t cover alts, I believe ETH, SOL, and other alts lag not only because they follow BTC but because they have not yet won.<\/p>\n<p>Bitcoin completed its proof phase and is transitioning from speculation to institution.<\/p>\n<p>ETH is still between being considered infra (for\u2026<\/p>\n<p>\u2014 Ignas | DeFi (@DefiIgnas) <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/twitter.com\/DefiIgnas\/status\/1985277953744478243?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">November 3, 2025<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<p>In a commentary for crypto.News, co-founder of BTCFi platform <a rel=\"nofollow\" target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/x.com\/SolvProtocol\/\">Solv Protocol<\/a>, <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/ryanchoww\/\" target=\"_blank\" rel=\"nofollow\">Ryan Chow<\/a>, notes that Bitcoin\u2019s \u201csilent IPO\u201d phase may turn it into a yield-bearing asset:<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>Bitcoin\u2019s current consolidation is a natural part of market maturation. The gradual redistribution from early holders into a broader base creates more liquidity and stability, much like post-IPO lock-up periods in traditional markets. As liquidity tightens globally and capital efficiency becomes the new premium, Bitcoin is undergoing the same structural broadening we\u2019ve seen in every asset class that institutionalizes. Early holders are gradually distributing to a new generation of allocators \u2014 asset managers, corporates, and sovereigns \u2014 creating deeper liquidity and a more stable ownership base.<\/p>\n<p>This shift parallels the evolution of gold and equities after financialization: value moves from pure appreciation to productive deployment. In Bitcoin\u2019s case, that means the emergence of native yield markets \u2014 transparent, on-chain instruments that turn BTC from a dormant asset into a collateralized, yield-bearing reserve. That\u2019s where the next wave of adoption will happen in yield infrastructure built directly on Bitcoin.<\/p>\n<\/blockquote>\n<p>Generally, those who commented on a piece found Visser\u2019s analogy compelling, while not focusing on the very fact that analogies are not always reliable. Probably, one of the reasons why the article was met positively is that it brings sense and hope in a time when Bitcoin\u2019s market performance disappoints and puzzles investors.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<\/p><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Financial analyst Jordi Visser\u2019s Substack essay \u201cBitcoin\u2019s Silent IPO\u201d argues that Bitcoin\u2019s sideways trend mirrors an IPO phase, what does it mean? Summary According to Visser, Bitcoin is not in&hellip;<\/p>\n","protected":false},"author":1,"featured_media":10067,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-15716","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/15716","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=15716"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/15716\/revisions"}],"predecessor-version":[{"id":15717,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/15716\/revisions\/15717"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/10067"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=15716"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=15716"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=15716"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}