BITCOIN ISN’T STUCK -- IT’S IN A SILENT IPO PHASE While stocks, gold, and tech are rallying, #Bitcoin has stayed flat. But according to macro-investor Jordi Visser (Visser Labs), this isn’t weakness -- it’s a structural transition. Early holders are slowly selling after more than a decade of gains. On-chain data shows old coins becoming active again, and even Galaxy Digital confirmed selling $9 billion in $BTC for a single client. This isn’t panic -- it’s profit-taking made possible by today’s deeper liquidity. ETFs and institutions are now on the other side of those trades, absorbing supply for the first time. Ownership is shifting from early adopters to long-term holders like funds, corporates, and banks. Visser calls this Bitcoin’s “silent IPO” -- a normal distribution phase seen after every major market success. Instead of collapse, we’re seeing consolidation, patience, and a gradual hand-off that strengthens the network’s stability. Bitcoin isn’t falling behind -- it’s maturing. 💯