Jordi Visser Explained the Reasons for Bitcoin Stagnation.

The recent stagnation in Bitcoin's (BTC) price continues to arouse curiosity among investors. Expert investor Jordi Visser states that this stagnation stems from the profit-taking process of early investors. Despite a high risk appetite in global markets, the relative inactivity of Bitcoin's price over the past months is noteworthy.

In an article published over the weekend, Visser expressed that Bitcoin is experiencing a "silent IPO process." Although Bitcoin has not gone through a traditional IPO, he emphasized that the factors limiting its price bear significant similarity to the dynamics seen in the post-IPO periods of technology companies in the past. The profit-taking strategies in play evoke memories of the situation seen during Facebook's IPO in 2012; at that time, investors who took on considerable risks made substantial gains and are now beginning to gradually realize those gains.

Visser noted that early investors are not making their sales abruptly; instead, they are distributing their positions patiently and without shaking the market. This situation causes Bitcoin's price to move within a prolonged "horizontal squeeze," leading to feelings of impatience among investors. According to the analyst, dormant bitcoins from the past have recently become active again. On-chain data clearly shows this situation.

Visser also highlighted that ETFs, institutional purchases, and the easing regulatory environment are creating a sort of "IPO" conditions for Bitcoin. Now, large investors can execute billion-dollar sales because the market has matured to handle this liquidity. Stating that "this process will pave the way for a bull cycle," Visser emphasized that he does not characterize the current situation as a bear market but rather as a distribution process where ownership is changing hands. He added that this distribution process usually lasts from 6 to 18 months for stocks but could be completed more rapidly in the crypto market.

Finally, concluding with "Be patient," Visser noted that once this distribution process is completed and the selling pressure from early Bitcoin holders is alleviated, a new upward movement is on the horizon. The key points for investors to monitor are the completion of this process and changes in market dynamics.