Bitcoin’s IPO Moment? Old Holders Exit, New Buyers Enter

Bitcoin's IPO Moment? Old Holders Exit, New Investors Step In

Written by Aaron S.,

Editor-In-Chief

Last Updated: November 03, 2025

Key Takeaways

Bitcoin is in a redistribution phase, with long-time holders selling gradually while new investors are buying during price dips;
This transition mirrors a company’s IPO stage, marked by sideways price movement as early ownership shifts to a broader base;
Despite the Fear & Greed Index's negative sentiment, Bitcoin's activity and adoption trends suggest continued long-term interest.

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Bitcoin BTC $107,058.03 appears to be in a transition phase that resembles what happens when a company goes public.

This comparison comes from Jordi Visser, a financial markets analyst, who stated that long-time Bitcoin holders are gradually selling their assets while newer participants are beginning to build positions.

Speaking on a podcast hosted by entrepreneur Anthony Pompliano, and also in a Substack post, Visser described this period as one of slow but steady change.

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Older Bitcoin wallets that have held coins for years are starting to move their assets. This is not happening in a rush, but in a consistent manner. Meanwhile, newer investors are buying during price declines.

Visser noted that such periods often feature sideways price action. Despite broader market gains or solid fundamentals, assets in this stage do not always follow suit.

The Crypto Fear & Greed Index, which tracks public sentiment toward the crypto market, has shown "fear" for several consecutive days.

Still, Visser noted that interest in Bitcoin continues through other signals, such as approvals of exchange-traded funds (ETFs), increased Bitcoin network activity, and wider use of stablecoins.

According to Visser, the shift from early adopters to a broader investor base is part of Bitcoin’s growth. It may take several more months for this to play out, as initial public offerings do in traditional finance.

Recently, David Duong, who leads investment research at Coinbase $2.41B Institutional, stated that major Bitcoin‑holding firms have paused new purchases since October 10. What happened? Read the full story.