Bitcoin Redistribution Mirrors IPO Cycle Amid Dormant Wallet Movement

Macro analyst Jordi Visser notes that dormant bitcoin is reactivating as new investors enter the market. This trend mirrors an IPO process where early supporters exit and new stakeholders emerge.

Price Movement

Bitcoin traded between $109,000+ and $110,500+ recently, causing trader impatience.
The Crypto Fear & Greed Index shows "fear" readings, hinting at accumulating interest despite negative sentiment.

Strong Network Indicators

ETF approvals are increasing.
The bitcoin network hashrate reached new highs.
Stablecoin activity is on the rise.

Analysts suggest that holdings are redistributing rather than collapsing, with supply moving from inactive wallets to new buyers.

Volatility Outlook

Visser predicts this phase could last six months, similar to traditional IPO cycles.
As distribution progresses, volatility may decrease due to broader ownership dispersion.

Market Shift Expectations

No major breakout or collapse expected; instead, a gradual market move as distribution ends.
Despite the lack of a clear trigger, steady on-chain activity and institutional interest support the analysis.

Visser's cautious interpretation focuses on steady market activity rather than anticipating a rapid rally.