Jordi Visser, financial analyst and former president of Weiss Multi-Strategy Advisers, has come up with a theory to explain bitcoin’s disconnection with the market euphoria that almost all asset classes are experiencing right now.

In a recent article called “ Bitcoin’s Silent IPO: Why This Consolidation Isn’t What You Think,” Visser explains that bitcoin is going through its own version of an initial public offering (IPO), as original bitcoin investors, at last, feel confident to distribute their earnings to others as they also diversify.

Visser stresses that the low correlation of bitcoin with risk assets, like tech stocks, is part of this process, as bitcoin matures as an asset class.

“Early investors aren’t panic selling. They’re methodically distributing their positions. Meanwhile, new investors are stepping in, but cautiously. They’re not chasing. They’re accumulating on dips,” he assessed, trying to explain the current state of bitcoin, which has been ranging in a secluded price space for months.

Visser argues that the recent sale of $9 billion worth of bitcoin by Galaxy Digital is an example of this happening. “This isn’t retail panic. This isn’t some trader getting shaken out. This is one of the OG players in the space methodically exiting a massive position,” he concluded.

Visser’s theory comes to explain why bitcoin, even when it has reached record numbers this year, is not providing the same level of revenue as other assets, including artificial intelligence stocks like Nvidia and gold, even with its most recent downturn.

More so, it indicates that bitcoin is maturing as an asset class, as original believers in the bitcoin idea distribute their BTC to entities and companies like Blackrock, which have a more pragmatic vision of bitcoin.

Visser states this is a victory for bitcoin, as “it proved itself to the point where the most conservative financial institutions in the world are buying it.”

Bitcoin’s future will now be shaped by these companies, which have very different objectives than its original supporters. While some things will be lost in this transition, Visser says that this consolidation will bring new opportunities.

“This isn’t the end of Bitcoin. It’s not even the beginning of the end. It’s the end of the beginning,” he concluded.

• What theory has Jordi Visser proposed about bitcoin’s current market behavior?
  Visser suggests that bitcoin is experiencing a phase similar to an initial public offering (IPO), where early investors are confidently selling their holdings while diversifying their portfolios.

• How does Visser explain bitcoin’s low correlation with other risk assets?
  He highlights that bitcoin’s disconnection from market euphoria is part of its maturation process as an asset class, with early investors methodically distributing their positions rather than panic selling.

• What recent event does Visser use to illustrate his theory?
  Visser points to Galaxy Digital’s sale of $9 billion worth of Bitcoin as a sign of disciplined exiting by a major player, rather than retail panic or hasty trading responses.

• What implications does this theory have for bitcoin’s future?
  Visser argues that as bitcoin matures, it will attract conservative financial institutions, leading to consolidation that may create new opportunities while potentially shifting the original vision of bitcoin.

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