Bitcoin’s ‘Unofficial ICO’ as OG Holders Rotate Out

According to macro analyst Jordi Visser, Bitcoin is experiencing what he describes as an ‘unofficial initial coin offering’ – a systematic transfer of tokens from original coin holders to new market participants. In appearances on Anthony Pompliano’s podcast and his Substack platform, Visser observed that old coins dormant for years are beginning to move, but crucially, ‘Not all at once. Not in panic. But steadily.’ This measured distribution suggests a deliberate rotation rather than forced selling, indicating a healthy maturation process for the cryptocurrency market.

The rotation pattern Visser identifies represents a fundamental shift in Bitcoin’s ownership structure. As original ‘OG’ holders gradually reduce their positions, new investors are stepping in to ‘accumulate on dips,’ creating a broader distribution of Bitcoin supply across a wider investor base. This transfer mechanism functions similarly to traditional market processes where early believers systematically monetize their positions while maintaining market stability through controlled selling pressure.

Visser draws direct comparisons between Bitcoin’s current phase and traditional initial public offerings in conventional markets. ‘In the traditional world, this moment is called an IPO. It’s the moment when early believers cash out, when founders become wealthy, when venture capitalists return money to their limited partners,’ he explained. This analogy highlights how cryptocurrency markets are evolving to mirror established financial mechanisms, suggesting increasing sophistication and institutional acceptance.

The IPO comparison extends beyond mere metaphor. Just as traditional IPOs represent a transition from private to public ownership, Bitcoin’s current phase marks a transition from concentrated early-adopter ownership to broader market participation. This distribution process, while occurring in the decentralized cryptocurrency space, follows similar psychological and economic patterns to traditional market events, where early investors realize gains while new capital enters the ecosystem.

Despite Bitcoin’s sideways price movement, Visser points to several fundamental indicators demonstrating continued faith in the underlying asset. The approval of Bitcoin ETFs represents a significant milestone, providing traditional investors with regulated exposure to cryptocurrency while validating Bitcoin’s position as a legitimate asset class. These ETF approvals have created new channels for capital inflow, supporting the distribution process Visser describes.

Simultaneously, Bitcoin’s network hashrate continues hitting new highs, signaling robust network security and miner confidence. The increasing hashrate indicates substantial infrastructure investment and long-term commitment to the Bitcoin network, providing fundamental support for the ownership rotation occurring at the market level. These technical and regulatory developments create a foundation of confidence that underpins the current redistribution of Bitcoin holdings.

The combination of ETF accessibility and network strength creates an environment where new investors can confidently enter the market while early holders feel secure in gradually reducing their positions. This balanced dynamic prevents the panic selling that has characterized previous cryptocurrency cycles and suggests a more mature, sustainable market structure is emerging.