Read_912 - Bitcoin's Silent IPO

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Nov 4, 2025

The discussion revolves around Bitcoin's silent transformation akin to an IPO, with early holders cashing out while institutions step in. Frustrations about stagnation are reinterpreted as a methodical distribution rather than a downturn. Insights include the shifting dynamics from ideological to institutional investors seeking financial stability. The hosts highlight that this consolidation improves market resilience and encourages patience for long-term gains, hinting at a maturation process for Bitcoin as it moves toward a more stable future.

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INSIGHT

Bitcoin's Silent IPO

Bitcoin is undergoing a TradFi-style IPO where early holders can finally realize gains due to new liquidity.
This distribution explains sideways price action despite strong macro tailwinds.

INSIGHT

Distribution Causes Sideways Price Action

When early investors methodically distribute after liquidity arrives, assets often consolidate rather than skyrocket.
That consolidation can persist even while broader markets rally.

ANECDOTE

Galaxy's $9B Sale Example

Guy Swann cites Galaxy's sale of $9 billion worth of Bitcoin for one customer as concrete evidence of large, methodical exits.
He frames that sale as an OG player realizing gains, not retail panic.

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"They’re passing the torch. And the torch is being received by entities who care less about ideology and more about returns. BlackRock doesn’t care about “being your own bank.” They care about portfolio diversification and risk-adjusted returns.

Is that a loss? In some ways, yes. Bitcoin will probably never again have the radical energy it had in its early years. The days of 100x returns in a single year are likely over. The volatility that created life-changing wealth will moderate as ownership becomes more distributed.

But it’s also a victory. Because Bitcoin survived long enough to become boring. It succeeded so thoroughly that the original believers can actually cash out. It proved itself to the point where the most conservative financial institutions in the world are buying it."
~ Jordi Visser

Everyone’s frustrated that Bitcoin’s not pumping. But what if this stagnation isn’t failure — it’s distribution? I break down why the OG whales are finally taking profits, what that means for institutional adoption, and how Bitcoin’s growing stability could mark the start of its next great era.

Check out the original article Bitcoin’s Silent IPO by Jordi Visser on Substack (Link: https://visserlabs.substack.com/p/bitcoins-silent-ipo-why-this-consolidation)

Links & References

Jordi Visser on X (Link: https://x.com/jvisserlabs)
Checkmate on X (Link: https://x.com/_Checkmatey_)
Explore the data Checkmatey shared on Bitcoin holder waves and distribution trends (Link: https://x.com/_Checkmatey_/status/1984723754057113776)

Check out our awesome sponsors!

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Host Links

⁠Guy on Nostr ⁠(Link: http://tinyurl.com/2xc96ney)
⁠Guy on X ⁠(Link: https://twitter.com/theguyswann)
Guy on Instagram (Link: https://www.instagram.com/theguyswann)
Guy on TikTok (Link: https://www.tiktok.com/@theguyswann)
Guy on YouTube (Link: https://www.youtube.com/@theguyswann)
⁠Bitcoin Audible on X⁠ (Link: https://twitter.com/BitcoinAudible)
The Guy Swann Network Broadcast Room on Keet (Link: https://tinyurl.com/3na6v839)